20 Nov 2012
Many existing commercial buildings are being re-modelled while construction of a hotel and several apartment and office blocks are underway.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says Claremont's location has attracted many young, up-and-coming professionals looking to live in a metropolitan area, which is reflected by property data from Lightstone.
As many as 35.61 percent of recent buyers were between the ages of 18 and 35, while 31.82 percent were 36 to 49 years old, which means over two thirds of recent buyers were younger than 50 years old. The largest percentage of recent sellers were between 36 and 49 years old, with the majority of the homes in the area on the market for approximately 150 days before being sold.
According to Lightstone, the current market stock of property in the area consists of 60.02 percent freestanding homes, 38.86 percent sectional title units and 1.12 percent estates. The average price of freestanding homes is R2.286 million, while the average price of a sectional title unit is approximately R902 000.
Goslett says kitchens and bathrooms are the first two rooms in a home that buyers in Claremont look at, and renovating these two areas could help sellers in the area sell their home quicker and for a higher price. He adds that buyers are looking for homes with updated contemporary style kitchens and bathrooms that complement the overall look and feel of the home.
The demand is high for properties within Claremont, as well as the rest of Cape Town’s southern suburbs because of the excellent facilities in these areas. Demand is strengthened by Claremont's prime position, situated in proximity to the Cape Town CBD with easy access to the major transport routes and a variety of upmarket amenities.
Goslett says despite the high demand in Claremont, properties that are perceived to be overpriced are spending more time on the market than they should be, pointing to the fact that correct pricing remains crucial in today’s competitive market.
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