The Covid pandemic has been an enormous boost for property, with the low-interest rate and favourable mortgage conditions driving many areas to the highest sales in five years and record highs across many neighbourhoods according to the Seeff Property Group.
Seeff has identified twenty of the most popular neighbourhoods over the last year by firstly assessing which were the most searched areas over the last year on its website and correlating these with their market performance as reported by data from analytics group Lightstone.
Greenstone Hill achieved the highest number of transactions in over three years and steady year-on-year price appreciation driven by high demand for the good location and the good choice of sectional and estate property, according to Seeff Edenvale. The Midrand market achieved transactions worth over R5.3 billion. Seeff said it offers many affordable areas and proximity to Pretoria and Johannesburg and has seen a massive shift to young buyers comprising over 40%.
Despite two years of “Covid chaos” and the July riots, it has remained business as usual for the Dolphin Coast/Ballito area, said Andreas Wassenaar, Seeff’s licensee for the area. Semigration has been an added boost with the wide choice of estates being a big drawcard. The two largescale estates, Zimbali and Simbithi alone delivered over R1.71 billion in sales last year with prices paid up to R22 million in Simbithi.Gqeberha recorded a record 5,677 transactions worth over R6.1 billion.
Constantia is another neighbourhood that achieved the best activity since the last boom with transactions of just under R2 billion and a record number of R20 million-plus sales according to Seeff Southern Suburbs. Bishopscourt meanwhile achieved the highest sales in over five years including a handful above R20 million.
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