An overview of the Centurion property market for 2019
Category Expert Insight
A total of only 5 225 (6.15% of the total amount of properties located in Centurion) were sold in Centurion in 2019. This is a 31% drop in units sold in 2015 when 7 559 sales were made.
Steve van Wyk, Seefˈs MD in Centurion, says some of the reasons why property in this sought after area isn't selling include:
- Sellers who overprice their properties (this is by far the biggest reason).
- Estate agents who are non-registered, who operate illegally and who are not equipped to make property sales.
- Economic and job uncertainty.
- Negative consumer sentiment.
- The fact that it is more affordable to renovate than to move.
- The fact that it is more affordable to rent than to buy.
Van Wyk says the property market in Centurion is made up of 16 958 full title homes in estates (19.95%), 14 746 sectional title units in estates (17.35%), 29 923 freehold homes (35.21%) and 23 362 sectional title homes (27.49%) amounting to a total of 84 898 units in the whole of Centurion.
ʺDuring 2019 sectional title sales amounting to 2 927 took place, 2 072 freehold properties were sold and 226 vacant land sales were made amounting to a total turnover of 5 225 properties - or just over 6%- of properties in the area.
The median price was R970 000 for sectional title, R1 650 000 for freehold property and R750 000 for vacant land.
12% of owners are aged 65 years or older, 78% are aged between 36 and 64 and 10% are aged 18 to 35, demonstrating the large amount of young and established families who have settled in the area.
58% of recent buyers are aged between 36 and 64 years and 39% are aged between 18 and 35 years, demonstrating an influx of young professionals, first time home buyers and young families to Centurion.
Trends and predictions expected for 2020
Van Wyk says with regard to trends in the area he expects the trend to move to security estates and sectional title properties to continue due to safety reasons.
ʺWe are hoping for interest rates to decrease this year, but even with decreases I expect the Centurion Property Market in 2020 to perform more or less the same than it did in 2019.
Now remains a good time for buyers to obtain property in Centurion as most properties are overpriced and have been on the market for some time. Buyers who have cash can obviously make a lower offer as well.
If sellers are serious about selling, the key is to price their property correctly. There are just too many properties on the market for buyers to choose from.ʺ
Extra Source: Lightstone
This four bedroom home in Centurion Golf Estate is listed for R4 450 000.
Author: Tanya Van Buuren Botma