The property market has emerged under level 3 with pent-up demand and plenty of activity, predominantly in the price bands below R3 million, says Samuel Seeff, chairman of the Seeff Property Group.
Seeff said that mortgage applications have escalated dramatically compared to the April – May period.
He said that there has been a notable uptick in transactions across the metros with buyer interest converting into sales over the last three weeks and several high-value sales in various areas including an R18 million sale in Camps Bay.
“Busy areas since the lockdown include the Cape Town CBD in the R1.3 million to R1.7 million range and in the Sea Point area up to R2.5 million,” said Ross Levin, Seeff’s managing director for the Atlantic Seaboard and City Bowl.
“The luxury sectional title team have also seen excellent activity in the R4 million to R6 million although offers are often well below the asking price.
Cape Town Southern Suburbs has also picked up notably – with June being very active, said James Lewis, Seeff’s managing director for the area. The market under R6 million is especially busy, he said.
Seeff said that Sandton has reported an uptick in activity with several offers in the R10 million to R12 million range and an R18 million sale in Sandhurst in May.
The group noted that Eagle Canyon Golf Estate has also concluded high-value sales of R14.5 million, R11.5 million and R6.25 million and are busy with two more potential deals, both above R10 million.
However, its the mid-market areas across the greater Randburg area which have been the most active according to Duane Butler, general manager for Seeff.
“Many offers and several sales were concluded during the lockdown and with buyers now able to view, many are taking advantage of the buying conditions. Pretoria East and Centurion are also seeing a pickup in activity,” he said.
Seeff Zimbali concluded two high-end sales during lockdown, being for R20 million and R24.5 million, both luxury beachfront properties, said Andreas Wassenaar, licensee for Seeff.
He also noted that current demand has picked up notably and if sustained, could end the year with similar volumes to 2019, despite the lockdown.
The Richards Bay market which transacts predominantly below R1.6 million has seen a surge in property sales and bond applications, said Elaine Chetty, licensee for Seeff Richards Bay.
More than half are first time buyers who are desperate to take advantage of the good buying conditions.