Prospects for the residential housing market in 2014 By all accounts there seems to be a consensus that residential house prices will continue to escalate in 2014. Most are of the opinion that it will be somewhere between 5% and 9% before inflation. We may also see a continuing weakening rand and rise in inflation which could prompt an increase in interest rates and a period of deteriorating affordability. With the forthcoming elections in April rates could start rising as early as May. Demand for homes in Pinelands and Thornton continues to outstrip supply but the number of enquiries for homes above R3 million remains constrained and the the biggest demand is still in the R1.5 to R2.5 million price range. From the table in this article you will note that Pinelands and Thornton had good average price increases in excess of 10% but that was due mainly to fewer homes being sold for under R2 million in Pinelands. At the other end of the scale there were 16 sales in excess of R3 million and only three sales above R4 million which together make up 15% of the sales in the area. We notice that of the roughly 27 houses that are currently advertised for sale in Pinelands, 75% are in
RESIDENTIAL Single Residential Sectional Title SALES UNITS AVERAGE UNITS AVERAGE PINELANDS 2012 2013 INCREASE THORNTON 2012 2013 INCREASE
115 127
R1.930m R2.156m 11.1%
73 58
R601 000 R695 000 15.64%
47 48
R971 000 R1.076m 10.81%
1 5
R520 000 R394 000 N/A
excess of R3 million. If you are serious about selling remember that homes above R3 million can take up to 8 months to sell and achieve about 85% to 90% of their asking prices.
Our advice remains “do not overprice your home in the hope of getting a better price. If you price them correctly you will achieve a better result in a shorter time and save yourself much frustration and expense.” Should you wish to sell or rent your home please contact any of our agents for a free valuation.
Barry Olivier
SALES : 072 740 0756
Pat Peat
SALES : 083 290 1331
Kathy Anderson
SALES: 083 987 7673
Suite SF09 Howard Centre, Pinelands Phone: 021 531 7507 pinelands@seeff.com
SA’s preferred home of more than 33 000 properties for sale and rent
RENTALS: 079 499 3351
Recently Sold Pinelands R1.685m
Pinelands R2.750m Pinelands R 3.290m
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Mandy Butler
Thornton R675 000
Pinelands R2.680m Thornton R1.465m
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*asking price