12 Aug 2011
Jose De Abreu, Broker/Owner of RE/MAX Property Associates, says: “Over the years RE/MAX has concluded many property transactions in these areas, from stand sales to sectional title units and small holdings. This is why it made sense to establish an office in Kraaifontein and provide a personal service to both sellers and buyers on their doorstep.”
De Abreu adds that there are currently 15 estate agents that are working from the Kraaifontein office. “Our agents are qualified professionals that are able to provide assistance to sellers and finding the right buyer for their property in the shortest possible time,” says De Abreu.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says: “In the current economic conditions it is the expertise of a knowledgeable and reputable agent that makes all the difference when concluding a successful property transaction.”
According to De Abreu, many sales are currently being concluded in Kraaifontein and the surrounding areas. “Due to high demand, the stock of property we have available to buyers is starting to become less and we could see the market in these areas soon favouring sellers. While currently many offers that are being accepted by sellers are lower than what they originally wanted, the properties are being sold at market related prices. This indicates the importance of correctly pricing a property at a fair market value,” says De Abreu.
De Abreu notes that Kraaifontein offers something for everyone from the first time buyer looking for a start-up home to the most discerning buyer looking for a high-end home. Free standing homes are in high demand in the area and the most popular choice, with prices ranging from a few hundred thousand to multi-million rand homes.
“Currently people feel that our area is predominantly Afrikaans speaking but that is not the case. We have people from all walks of life and ethnical backgrounds. We have great amenities in the area such as medical facilities and shopping centres, and the area is situated just 30 minutes drive from the Cape Town CBD. Buyers looking for value-for-money property and lovely family homes will find them in Kraaifontein and the surrounding areas,” says De Abreu.
According to Lightstone, the average purchase price for a freestanding home recorded in 2011 in Kraaifontein is approximately R500 000. The majority of the current homeowners are between the ages of 36 and 49 years old, while 100% of the recent sellers were over the age of 65 years old. This seems to point to the fact that the demographic of the area seems to be getting younger.
Looking to the next 12 to 18 months, De Abreu predicts that the property market in the area and in general looks promising. “Currently we are in a market where the majority of our buyers still rely on a 100% loan when applying for a bond. Affordability is still an issue and the banks’ lending criteria remains fairly stringent. As time goes on and the market recovers, buyers will become more financially stable and will have the deposits required by the financial institutions. They will also be more familiar with the requirements of the National Credit Act (NCA), which should help us when it comes to reducing the amount of declines we are currently experiencing when it comes to bond grants,” he concludes.
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