Rondebosch demand and prices up

The majority of those buying in the Rondebosch area continue to be families looking to be in the catchment area for the good schools and to be close to UCT, and because of this high demand, prices are increasing steadily and homes are now selling in a shorter period of time, says Knight Frank Residential SA agent for this area, Jeanne Cowan.

There is tremendous pressure on the schools of Rondebosch to accept applications from pupils wanting to attend here, she said, with Rondebosch Prep receiving well over the number of applications for Grade One intake where there is only limited space.

Those who move here tend to stay for a long period of time, around the cycle of a child being at home, she said, but when they do move, they tend to be doing so to downscale, and not into equivalent accommodation.

PropStats, the Institute of Estate Agents Western Cape property data service, shows that from January 2013 to January 2014 a total of R352 million worth of property has been sold in this area, with the average sales price being R3 354 181. The difference between the asking price and the selling price has been 7,4% and homes have taken an average of 39 days to sell.

Looking back at the previous year, January 2012 to January 2013, there was R325 million worth sold, with the average price of homes at R3 192 716. Homes, however, took an average of 81 days to sell and the difference between the asking and selling price was 11%.

Evidence of the increased activity and demand in this area is illustrated by Knight Frank SA’s team recently selling over 14 properties in the last twelve months priced just under R2 million up to R9 million in Rondebosch.

Examples of the type of homes sold recently are:

- A four bedroom home in the Silwood area, which was sold within two days of being listed at 4% below the asking price. This home sold without being advertised in the media, said Cowan.
- Another home in the Silwood area, which sold at 8,9% below the asking price, within 23 days of being put on the market.
- A four bedroom home with four reception rooms, which was not on the market, was recently sold for over R7 million.

“On going through the list of those looking for homes in Rondebosch it can also be seen that the Sunnybrae area, which was not always the most popular, has now become sought after. Many of the homes here are large, traditional family homes, with ample grounds and within a few minutes’ walk or cycle from Rondebosch Primary and High,” said Cowan.

“It is interesting to see that of those homes sold by us in Rondebosch, most are either Edwardian or Victorian, which shows that character homes have not lost their “flavour” because the majority of these would have been renovated. Families who live in this area tend to maintain and update these homes to suit their needs which results in these character properties keeping up with the latest trends and finishes,” she said.

Article from:www.knightfrank.co.za

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