One of the best property years as we head into a positive 2022
Category News
Welcome to 2022! Our best wishes for a prosperous and healthy year to you and your loved ones!
We are delighted to report that 2021 was one of the best property years for the Hout Bay/Llandudno market. It was a year which demonstrated the resilience of the market which not only recovered to pre-pandemic levels, but ended as the best in over three years!
Hout Bay has been a notable contributor to the uptick of the Cape Town property market last year contributing well over R1 billion in sales. The market ended the year with 298 sales at a combined value of R1,045,219,888. This is almost double the transactions for the 2020-year and amounts to a full recovery back to the 2018-levels.
Based on Propstats data, the average selling price for a freestanding home now stands at around R4 million and for a sectional title property at just under R2 million. The highest prices achieved include two sales at R12 million each (Hillcrest and Victorskloof), a sale of R15.475 million (Bosman Ave) and R15.5 million (Tarragona).
When it comes to asking prices, the average difference between these and the ultimate selling prices ended the year at 8.8%, a notable improvement compared to 2020. Properties have also sold faster, spending on average about 23 weeks on the market compared to nearly 27 weeks in 2020.
We have seen a welcome return of not just local buyers looking to invest in quality real estate in this high-demand coastal neighbourhood, but also semigration buyers from Johannesburg, KZN and other inland provinces. Investment into property by foreign buyers has also seen an uptick as they too look for prime locations to live and work from.
Our Seeff team enjoyed an excellent year with noteworthy sales and rentals as we continue using our decades of experience, commitment and dedication and working with our customers to ensure successful outcomes.
Seeff's outlook for the year remains upbeat. It remains an excellent time to invest in the Hout Bay/Llandudno area. Sellers who continue focusing on market-related asking prices will continue attracting buyer interest.
Our areas are among the most in-demand and we are always in need of well-maintained property to meet buyer demand. Aside from the fabulous coastal location and beautiful natural surroundings, access to excellent schools and amenities remain strong selling points for the area.
While we must remain mindful of the potential impact that the ongoing pandemic and weak economic growth outlook may have on the market as we progress this year, last year's performance again showed that Hout Bay/Llandudno property is an excellent investment.
Home is our Story and property our passion. If you would like more information and insight on selling, buying or renting in the area, please feel free to contact us at any time.
Yours in Property,
Stephan Cross
Sales Manager - Seeff Hout Bay & Llandudno
Author: Seeff
