Western Cape, Goodwood, South Africa

Area history

The suburb of Goodwood is situated between the northern and southern suburbs of Cape Town, just 10km from the city centre. The town was established in 1905, the same year that the first railway station was built in the area. The region was named after a famous British racetrack known as the Goodwood Racecourse, because the original intention of the founders was to make it a horse racing centre. A race track was constructed in the town, however, after only one meeting it was abandoned.

Today the area includes Goodwood Park, Goodwood West, Glenwood, Tygerdal and Vrizjee, and is now three railway stations within the municipal area that are situated along the Cape Town to Johannesburg main line. Since the opening of the Grand West Casino and Entertainment World in the area, Goodwood has become a popular spot, heralding an exciting new era in the region’s entertainment scene. Grand West is the first casino in Cape Town and the only casino in the Western Cape, making it rather unique.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that except for a slight dip seen during 2009, property prices have generally stayed stable in Goodwood, with a marginal but steady increase from 2009 up until 2013. He notes that the average price for a freestanding home is currently the highest it has ever been at R1 073 000. The highest average price for a sectional title unit was seen during 2007 at R535 000, this year the average price of a sectional title unit is R515 000. In Goodwood Estate, freestanding homes account for 72.35% of the current market stock, while the remaining 27.65% consist of sectional title homes.

In terms of property sales, Goslett says that 2004 was a remarkable year in Goodwood. In 2009, the number of sales transactions concluded in the area dropped dramatically, however, it has subsequently seen a gradual but steadfast recovery with a higher number of sales concluded each year since. According to Lightstone, the highest percentage age demographic of recent buyers is equally split between buyers aged 18 to 35 years old and those aged between 36 and 49 years old, each group accounts for 40% of the recent buying activity. The 36 to 49 year old demographic also account for 40.19% of the existing homeowners in the area and 38.89% of the recent sellers. Approximately half of the existing homeowners have lived in Goodwood for 11 years or more.

Property price trends

Demand for property

Goslett says that the most sought-after real estate in Goodwood are homes priced between R400 000 and R800 000. These properties account for around 48.9% of the homes sold in the area from March 2012 to February 2013. He notes that 34.8% of homes sold during the same period were priced between R800 000 and R1.5 million, while 15.2% of properties sold in the same period were priced under R400 000. Only 1.1% of the properties sold were priced between R1.5 million and R3 million.

Article From: www.remax.co.za

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