People's Post

Two suburbs buck market trend as lockdown continues

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Properties such as this one at 14 Leno Mansions in Kenilworth remain popular despite the current tough market conditions, an estate agency says.
Properties such as this one at 14 Leno Mansions in Kenilworth remain popular despite the current tough market conditions, an estate agency says.

The residential property market in South Africa has taken strain, especially after national lockdown restrictions announced in March.

However, properties in Claremont and Kenilworth continue to sell well, says Clint Southwood, property consultant at Jawitz Properties for the southern suburbs.

According to Southwood, these two suburbs are performing well compared to the market, especially when it comes to the sectional title properties in lower Claremont and Kenilworth.

“There is good value to be had with one and two-bedroom apartments being sold in the low R1 million and under range. And buyers must remember that there are no transfer duties payable on properties valued below R1 million.

“There are a number of sectional title complexes and developments offering one-, two- and three-bedroom apartments, townhouses and lofts in the area, but two-bedroom apartments in and around the Harfield Village area seem to be the most popular with buyers,” says Southwood.

He says properties in this area have always been sought-after as they’re in a very central position, close to many amenities, transport hubs, good schools, respected medical facilities and within walking distance of several restaurants and stores.

“We are finding that current buyers include first-time buyers, families and those downscaling. There is also a small group of investor buyers snapping up bargains,” he adds.

The current residential property market favours buyers due to increased stock levels and more lenient lending criteria and higher bonds being offered by the banks. However, there is still some uncertainty caused by economic fears.

Despite this, Southwood says the good news is that over the past two years, property values in lower Claremont and Kenilworth have held steady, even increasing, and that the number of units sold were up.

Recently, the increased number of sales have prompted the estate agency to open a new office at 26 Kildare Road in the Newlands village. According to Hayley Vann-Herbert, sales manager of Jawitz Properties for the southern suburbs, the office will better accommodate their growing team.

“We are lucky that we have done well over the past six months and taken market share, so we have invested in growing our team and looking at the slower market as an opportunity. It hasn’t been easy but if the property is priced right, it will sell. I’d also just like to confirm that our teams are working from home and working hard to continue marketing properties throughout this lockdown period,” concludes Vann-Herbert.

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