Southern Suburbs Struggling

The information in this article is courtesy of Property24 (Southern Suburbs taking a baeating - 15 April 2009).

The Southern Suburbs of Cape Town has certainly shown just how tough conditions are.

Figures show that there has been 49 sales between January and March 2008 at an average price of R6,4m against the 12 sales at an average of R3,1m for the same period this year. It also shows a 14% difference between sale price and list price.

Seeff's Upper Constantia team of Sari Raz and Christiaan Steytler explains that these figures don’t necessarily mean that price have decline but rather illustrates that less expensive properties are being sold.

Raz added that March did see 3 good sales between R4m and R7m by overseas buyers.