The residential property market in Woodstock remains buoyant, particularly Woodstock Upper which recorded 27 sales in the first nine months of this year, fetching an average price of R2 558 000, according to online sales database Propstats. The lowest price achieved was R995 000 and the highest R4 735 000. On average properties took 25 days to sell.
Why Upper Woodstock?
Laurence van Blerck, an estate agent at Knight Frank Residential South Africa specialising in the Woodstock and Claremont areas, shares, “Woodstock Upper is popular with young professionals looking to purchase a home offering easy access to the N2, MyCiTi bus route and CBD. It is a trendy neighbourhood with an array of entertainment venues and buyers feel that it offers better value for money than the Atlantic Seaboard and inner City Bowl.”
Knowing the Neighbours
Longstanding residents are sometimes concerned when nearby properties are put up for sale and van Blerck advises his buyers to get to know their neighbours and become part of the community.
The security of the area is often a question posed by prospective buyers, especially due to the scarcity of safe off-street parking. Nevertheless, this can be improved by neighbours looking out for each other, and working together for the common good.
Pricing properties appropriately
It is a seller’s market in Woodstock, but there is a tendency for some renovated properties to come on to the market at inflated prices. However, today’s buyers are well informed and once they start comparing properties online, they quickly determine which properties are worthy of a physical inspection whilst simply ignoring the overpriced ones. Almost inevitably, the overpriced properties have their prices reduced if the owner really wants to sell; otherwise they stay on the market for an unduly long period of time, perhaps achieving a selling price below their true market value. Propstats reveals that correctly priced homes, especially those with a marketing price of less than R2 000 000, sell very quickly. Furthermore, sellers have achieved actual selling prices at an average discount of 4% compared with the marketing prices.
Sellers are advised to consult an experienced estate agent working in the area, check their professional qualifications and track record of sales before requesting a market assessment of what selling price their property will realistically achieve. Remember too that the highest valuation is not necessarily the correct one.
For more information, visit http://www.knightfrank.co.za.