Tokai Property Snapshot

Tokai Property Snapshot – Sales and Trends for 2014 vs 2015

Table of Comparison: 2014 vs 2015

2014

2015

Total number of Sales

56

45

Total Rand value

R177,290,000.00

R153,825,000.00

Average Asking Price

R3,396,166.00

R3,360,333.31

Average Selling Price

R3,165,892.00

R3,418,333.33

Av negotiated down by buyers

-6.12%

-5.28%

Average Days on Market

39

31

Steady and fairly consistent results again for the suburb of Tokai.

Although there were 9 fewer sales, the average selling price was up by about 7.97%.

Buyers only managed to negotiate an average of -5.28% off asking prices this year compared to -6.12% last year. Gone are the days of immediately knocking 10% off asking prices.

Days on market, typically driven by asking price, remained fairly similar at 39 and 31 respectively.

It’s interesting from an Estate Agent’s point of view to see the changing trends in buyer sources.  Showhouses and Newspaper Advertising were King but stats tell the tale of their decline.  Showhouses;  only 11 in 2014 and a meagre 4 in 2015 yielded buyers.  Newspaper Advertising;  only 3 in 2014 and 2 in 2014.  Security concerns and ever more pressure to make the most of off time can be ascribed as reasons for fewer Showhouses, and of course the exponential improvement in form and functionality of property web portals will definitely impact on the cost-effectiveness of Newspaper Adverts.

There’s no doubt that fascinating times lie ahead with the threat of further interest rate increases ever present.  Real Estate activity will continue to be suppressed with pressure from banks keeping would-be first time homeowners in the rental market and with the continuing low stock situation, would-be sellers have little choice to tempt them into new investment.

Whatever lies ahead you can rely on our Tokai area specialist, Lisa Rowell, to be at your call for any property related advice.

With another round of municipal valuations on the cards in 2016, Lisa Rowell  – 082 844 0800 will be more than happy to provide free, no obligation and confidential evaluation so you can see what your home might be worth in today’s market.

(All figures sourced from Propstats for the suburbs of Tokai and The Hamlets, excluding Sectional Title and Lifestyle Estates.)

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