Lakeside Property Snapshot

Lakeside area specialist Winnie Sass reviews the market in her mid year Lakeside Property Snapshot;

FOR THE PERIOD 01/04/2016 – 30/06/2016
Information sourced from CMAinfo and S.A.P.T.G

  • There were no sales recorded for LAKESIDE during the above period.
  • The following Sales took place in KLEIN WASSENAAR during the above period.

41 Springwood Circle R947 000
2 Riverside Close R3 100 000
6 Orchard Avenue R2 150 000
3 Twent Road R2 600 000

Klein Wassenaar is extremely sought after, with properties selling in a short period of time.

IS THE PROPERTY MARKET BEGINNING TO TURN?

It is too early to say if the shift in the market will have a long-term effect, it could mean that Sellers are in for a slightly bumpier ride.

NUMBER OF VISITORS TO SHOW HOUSES DROPS.

John Loos, a household and property sector strategist with FNB, notes in the latest FNB Estate Agent Survey that there has been a drop in the number of average estimated visitors to show houses, down from 11.6 to 9.4 in the second quarter of 2016.

TIME ON MARKET INCREASES.

There has also been a noticeable increase in the estimated average time a property stays on the market. This has
risen from 11 weeks and one day to 13 weeks and four days.

While the supply of property for sale in the Lakeside area will buffer a price drop the local market is never immune to the regional trend. Based on reports from property economists looking at the national picture there are more and more signs that sellers will find it more difficult to sell at current price levels and the period it takes to get a property sold will increase.