Welgelegen, Cape Town: Uncover Your Dream Neighbourhood
As Property Professionals, we are often asked by home owners, “What is the market doing?” or “What is the current prices looking like in my area?” We have many articles and information of value to seller and buyers on our website.
To help us with our craft, property professionals have systems to provide statistics and up to date information, as well as the experience in the market, to provide this type of information. This article will showcase a specific suburb in Cape Town, Welgelegen.
The growth and activity index from Lightstone from October 2023, for Welgelegen specifically, below indicates the rise in residential house prices for the last 10 years.
This index indicates that Welgelegen house prices have grown by 7.75% in the last year which is above the average growth in the City of Cape Town which stands at 3.9%.
This clearly shows that the homes within Welgelegen are in higher demand due to the proximity of amenities, family orientation and ease of travel.
How does your property value compare with other properties in your neighbourhood?
The below table, as provided by CMA Info, for Welgelegen specifically, shows us the percentage of properties sold within certain price brackets.
Property prices are determined by the condition, erf size and features of the property such as bedrooms, bathrooms, pool, solar and any other features.
These elements will place the property in a price bracket determined by the market. In our experience, if a property is placed on the market at a price that does not compare well in the market, there may be some interest on the property, but offers may not be forthcoming. It is important to know the details and prices of competing properties on the market to achieve a balanced comparative market analysis.
When you do want to start marketing your property, you will benefit from understanding your direct competition and this will help you to avoid competing with lower-priced properties offering similar specifications.
Pricing your property correctly from the time of introducing it to the market is crucial and it is always a benefit to have a trusted property professional to give you an updated comparative market analysis from time to time.