PropertyFox Neighbourhood Insights – May 2018
We look back and share our insights of what the month of May brought in terms of property compared to April.
The Western Cape was the clear standout of May, showing an influx in interested buyers during the month.
Some renewed interest in Cape Town’s Southern Suburbs was evident, specifically when looking at the areas of Wynberg and Plumstead, which are also the more affordable areas, making it easier for young families and first-time home buyers to infiltrate the property market. The two areas also sport some of the suburb’s top schools and is easily accessible to public transport. Wynberg’s viewings has increased by 175% in May compared to April and Plumstead increased by 140% over the last three months.
Our top areas where viewings were scheduled in the month of May was Bellville (Northern Suburbs in Cape Town), Parow (Northern Suburbs in Cape Town), Muizenberg (South Peninsula in Cape Town) and the Magaliesburg (Gauteng) area.
The Northern Suburbs in Cape Town has been steady for the third month running and is still a top performer country wide. Muizenberg on the South Peninsula of Cape Town also remains popular with a steady number of viewings throughout the month of May.
In Other News
Overall, we’ve seen a 20% drop in viewings as the winter season approaches, in-line with this time last year, 2017. Overall we’ve seen less offers to purchase, but interestingly enough on the flip side there have been more offers accepted overall in the month of May. This could be due to it being a little more effort to get around in the cold and rain. 😉
The Western Cape province picked up in terms of offers this month and was on par with Gauteng for the first time since February.