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Tokai Property Market Update

Tokai2014Well, the first quarter of 2014 has run away like a melted Easter egg and I thought it would be a good time to share some interesting stats on house sales for this period compared to last year.
In a nutshell we are about on par, recording 14 sales compared to 16 last year although it took on average twelve days less to sell those 14!  Other good news is that the average Rand/m² value went up from R5,042 to R6,500 – probably reflecting Tokai’s highest price achieved for some while – a whopping R5,150,000 compared to last year’s highest for the whole year of R4,350,000.
When it comes to buyer sources, last year it was a toss-up between Showhouses and web browsing, whereas this year Showhouses are the perennial success story, despite the bad press.
Also of interest is the spread between Cash and Bond purchasers – roughly neck on neck with Cash easing forward by a nose both quarters – indicative of the banks’ continued tough stance on bonds.  Cash is still king it seems!
Predictions on property performance for the rest of the year remain bullish despite an expected 1% increase in interest rates by the end of 2014.
If you have any property needs please do not hesitate to contact Lisa Rowell, Chas Everitt International, Property Consultant for Tokai

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