In the area 3 – Constantia

There is some truth in the adage bandied about by the Cape property agents which says that Constantia will usually be the last area to be hit by a recession and one of the first to emerge from it and right now Constantia is showing signs of becoming an excellent performer in the property market once again, said Thys Human, who has been a Constantia resident for 15 years and is currently Vineyard Estates’ local agent.

“R436 million worth of property (above the R4 million mark) was sold in Constantia in the first four months of 2010," said Human. “These sales considerably outweigh the R127 million for the same four months of 2009.”

On average, said Human, sales took place at 16% below the asking price and were listed for 127 days.

“Considering that they are some of the highest priced homes in South Africa and that 2009 was a year of recession, these figures are far better than most would have expected,” he said.

The majority of all Constantia sales for the first four months of 2010 were in the R2,5m to R11 million bracket with a strong demand in the R2,5m to R6,5million range but sales as high as R37,5 million also took place. In his opinion, said Human, it is still a buyers’ market with more stock than buyers.

“From a buyer's perspective, this is the time to be investing in Constantia property because there is good quality stock available and less competitive pressure. Market analysts have predicted that residential property values should increase by no less than 5% for 2010 and this is almost certain to be the case in Constantia,” said Human.

Human is a BSc graduate from Wits University. He spent 32 years flying, 28 of which were as an airline pilot, retiring as a senior captain on international flights. Although always a “pilot at heart” he has had a lifelong interest in property and is gratified to be in this field for this second phase of his life.

Article from: www.vineyardestates.co.za