As the largest town in the Cape Winelands, offering a wealth of cultural and historic attractions, Paarl has always been a popular place to live. Add to this the highly-respected schools in the area and the convenience of Cape Town and the airport under an hour away, and it’s not surprising that this little Winelands gem boasts some of the Western Cape’s most family-oriented suburbs.
This six bedroom, four bathroom family home in central Paarl is near top schools and is on the market for R6.2 million - click here to view.The general desirability of the town has created a stable local property market in the past, but supply shortages over the last few years have been pushing prices steadily upwards. However, according to real estate agents in the area, the last six months have seen something of an about-turn, as buyers begin to push back against over-ambitious sellers.
“The tough economic situation is definitely starting to make its mark on South Africans,” says Lizette Joubert, the Rawson Property Group’s Paarl franchisee. “Although it hasn’t kicked prices into a decline in Paarl, it certainly is making buyers a lot more conservative when it comes to spending their money wisely.”
This two bedroom townhouse in Oude Chardonnay Lifestyle Estate is selling for R1.495 million - click here to view.As a result, Joubert says the negotiation process has become a lot more intense.
“Buyers in Paarl are approaching sales from a very well-informed position,” she says. “They know what properties are worth, they know what the market is doing, and they’re unwilling to overextend themselves on over-valued properties. Sellers who are unrealistic about their asking prices or are unwilling to negotiate are facing a tough sales process that’s unlikely to end in their favour.”
The average house price in Paarl is currently listed as R1.475 million, according to statistics from Property24. Apartments average in at just under R542 000.
This well looked after two bedroom flat in Mount View complex is on the market for R440 000 - click here to view.“When it comes to choosing a listing price, however, you can’t just pick the average of homes that are a similar size and location to yours,” says Joubert. “There’s a lot more that goes into accurately valuing a property than the number of bedrooms, bathrooms and parking spots.”
Areas like Courtrai, Lemoenkloof and Groenvlei reportedly remain in particularly high demand, as do security estates, several more of which are expected to hit the market soon. This popularity has, traditionally, given sellers more bargaining power in these area, something that may also be changing in future.
