Continuing our mini-series covering the property market on the Atlantic Seaboard, we are focussing on apartment sales in Sea Point for the period May 2020 to February 2021.
First here are some benchmark stats for apartment sales over the entire Atlantic Seaboard:
Number of Sales 304
Average Size 107m²
Rate / m² R 39821
Average Days to Sell 127 days
Average Difference in Sales and Asking Price 17.1%
% Mortgaged 38.7%
Now let us focus on Sea Point against the backdrop of the area averages above.
Number of Sales 135
Average Size 92m²
Rate / m² R 33255
Average Days to Sell 96 days
Average Difference in Sales and Asking Price 13.1%
% Mortgaged 44%
From our data we can see that the average rate per m² is 19% below the average for the Atlantic Seaboard and the average unit size is 15% smaller.
42% of all apartments sold were in Sea Point.
Properties were 25% quicker to sell here, and when they did, they sold for 13.1% less than their asking price (4 % less than the average). We can also see that more people (44 %) raised finance to buy here compared to the area average of 38.7%.
Put another way, 66 % of all buyers paid cash.
An apartment in Lisdale on Beach Rd measuring 144m² was on the market for just under 18 months and sold for 24.6% less than the asking price.
An apartment in Overton at 15 High Level Rd was on the market for 5 months and sold for 44.7% less than the asking price.
We counted 22 apartments that were sold within 7 days of listing. These were sold at either the asking price or within 4% of it at an average rate per square meter of R 35129 / m².
9 Apartments that sold for at least 25% less than the asking price (up to 44.9% less) were on the market for 7 months on average and sold for R 31603 /m² representing a decrease per R /m² by 6% on average.
The most expensive apartment sold was in Beach Court on Beach Rd. This 367m² apartment was sold at a rate of R 34059 /m². It was on the market for 25 days and sold at 7% less than the asking price for R 12.5 million.
The cheapest apartment sold was at Bramber Court in St Johns Rd where a 22m² apartment sold for R 38636 /m² (15% above the market average at R 85 000), 14.6% less than the asking price after being on the market for 21 days.
Lance Real Estate is based in Fresnaye, Cape Town and covers the Atlantic Seaboard from the Waterfront to Camps Bay. With over 23 years’ experience in the most sought-after residential areas in Africa, Lance Real Estate has sold over R 1 billion worth of properties in the last 3 years.
It is this hands-on knowledge that sets Lance Real Estate apart from our competition. We have built an extensive database of buyers and sellers over the last 2 decades who have grown to trust our market knowledge and depend on us to negotiate the best possible deal in any property negotiation.
We are now extending our reach and taking on houses and apartments for sale from the Waterfront through to Llandudno.
If you are looking for a remarkable agency to buy, rent or sell your property on the Atlantic Seaboard, our friendly customer care team is a phone call away.
For a list of properties we have for sale in Sea Point click here:
We also have a range of holiday rentals to offer. If you appreciate beautiful African sunsets over the sea and sublime mountain views, then visit our holiday rentals section on our website.
Tel: +27 82 416 6103
Data source: www.propstats.co.za