The Southern Suburbs have traditionally been a mainstay of the Cape property market, returning solid and dependable growth year-on-year. The area is renowned for its excellent placement as it is surrounded by some of the best educational institutions, lifestyle destinations, eateries and historical sites that Cape Town has to offer.
The development of sectional title property has revolutionised the property industry by allowing buyers to invest in quality-built homes that are excellent investments, but not difficult to maintain.
CEO of Greeff Christie’s International Real Estate, Mike Greeff, says the sectional title market in the Southern Suburbs has proven to be one of the most steadfast markets during the last six months. While other markets in the Cape may have shown a slowing in growth due to the period of market correction, the sectional market has continued to yield growth and has shown itself to be a market that is indeed a force to be reckoned with.
Greeff says the other, less spoken about benefit is the general lack of responsibility for exterior property maintenance by the buyer.
All owners of units pay a monthly or annual fee towards this collective upkeep of the complex to the body corporate, who then undertakes all maintenance on behalf of residents. The body corporate also acts as an enforcer of rules and regulations.
He says Greeff Christie’s International Real Estate’s Southern Suburb sectional title team is led by Tim Greeff and Michael Greenwood.
Tim Greeff notes that although property growth has changed from very bullish in the last few years to a more stable return in recent times, returns for the asset class are still outperforming the banks, and the team are still achieving 97% of their marketed prices.
“In the last six months, we have noticed that while the market has only previously been described as either a buyer’s market or a seller’s market, we feel that currently the market is in an equilibrium state whereby both the purchaser and the seller are realistic with regards to pricing, and the stakeholders in the industry are communicating and advising effectively in the marketplace, which is allowing for both parties to leave a negotiation in a mutually beneficial manner,” he says.