In recent months Wakefields Real Estate has closed several high priced property deals on popular gated estates throughout the province.
Photo: Village Monaco, Le Domaine
Sales figures show that, despite some exceptions to the rule, the trend remains for up-market secure gated estates to be the magnate for these top drawer sales rather than suburbia.
One exception to the rule has been the suburb of Westville, which has achieved two sales of over R3 million.
“While this is fantastic, it is an exception for the area and unlikely to be the start of a major trend,” says Myles Wakefield, CEO of Wakefields Real Estate.
Hillcrest’s gated estates are the choice for the well heeled. At Cotswold Downs a stunning 431 square metre home changed hands for R5,2 million, which equates to over R12 000 a square metre. At nearby Summerveld, a property was recently sold for R10 million.
Haydn Wakefield, Director and Sales Manager at Le Domaine in Hillcrest, believes there is a new higher price trend developing on the estate. In the first quarter of 2014, the estate clinched two sales for over R3 million with further average house price growth as a direct result of higher buyer numbers and minimal stock to sell. Properties only remain on the market for a number of days in comparison to weeks or even months a year ago.
The Pearls of Umhlanga has also continued to be an investment success. In January alone, three sales amounted to almost R25 million followed by another R5,8 million sale in early February. The fourth quarter of 2013 resulted in R25,8 million in luxury units being sold.
With stock shortages being a common phrase utilised in the residential property market in recent months, and upward price movement the end result, the occurrence of higher priced sales is becoming more common. The 0.5 interest rate increase earlier this year has done little to dampen this positive buyer sentiment.