WEB REF #: GO
Camps Bay has experienced healthy average 14,7% year on year house price growth since 2005
Jul 21, 2010
Seeff property analyst Stefan Hauptfleisch has reviewed property trends for Camps Bay for the period 1 January 2005 - 31 December 2009 in terms of sales of houses in property price bands, property price growth, annual sales and monthly property price variations. This review makes for interesting reading, and shows that Camps Bay has experienced a very healthy average of 14,70% year on year house price growth since 2005.
Only one sale took place at above R30m, and that was during 2008 at R 32.250m. In the price band between R10m and R30m, 42 houses were sold from 2007 to 2009 to the value of R639 476 400.
During 2007, 12 properties in this price band were sold for R158 280 000 - an average price of R13 190 000. This figure increased dramatically during 2008, when 15 houses were sold to the value of R239 463 400, 51% higher than the value of total sales in 2007. This caused an increase of 21,04% year on year in the average house price in the R10m to R30m price band - from R 13 190 000 to R 15 964 560 in 2008. In 2009 the average house price in this band was R16 115 200 – a marginal increase of 0,94% from 2008.
In the price band R2,5m – R10m a total of 189 properties were sold from 2007 – 2009, to a total value of R1 136 581 755. Most sales in this popular price band were recorded during 2007, with 101 houses sold (R602 710 955). This figure deflated by almost 57% to R262 153 800 during 2008, causing the average house price in this price band to decline by -1,36% from R 5 967 435 to R 5 958 041. Total sales in this price band increased by 4,0% to R271 717 000 during 2009 while the average house price increased by 2,44%.
In terms of property price growth across the board, Camps Bay homes has experienced a very healthy average of 14,70% year on year house price growth since 2005, the best year having been 2008 with 30,26% and the only negative trend being in 2009 with a very small a decline of 0.8%.
