This suburb in South Africa has seen property prices rise by a staggering R2 million over the past year

The average selling prices for freehold houses in Sea Point and Green Point in Cape Town, have increased by as much as R1.4 million and R2.1 million respectively, year-on-year.

This is according to Seeff Properties which said that sales in Sea Point for the year ended July 2016, amount to 27 units sold to the value of just over R170 million at an average selling price of R6.3 million.

The average sales price is up considerably (29%), from just over R4.9 million for the previous 12-month period (i.e. August 2014 to end of July 2015) to about R6.3 million, Seeff said.

The property firm said that the majority of sales are concluded within about 4-6 weeks.

In neighbouring Green Point, some 26 units worth just over R199 million have sold over the last year at an average selling price of R7.6 million, a phenomenal R2.1 million or 38% higher than the R5.5 million average of the preceding 12-month period.

Green Point sales include two vacant plots that have sold at R5.1 million for 206sqm and R5.25 million for 301sqm respectively.

Seeff said that in general, well-priced homes can still sell within about 55 days on average in the area.

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