Some reasons why property in Centurion isn't selling - Seeff
Category Expert Insight
While there are 549 estate agencies and approximately 2200 estate agents advertising property in Centurion, it is difficult to establish how many of these agents are registered at the Estate Agency Affairs Board with valid Fidelity Fund Certificates.
Steve van Wyk, Seeff's MD in Centurion, says he estimates that around 200 to 300 agents in Centurion are non-registered and operate illegally.
"It is absolutely crucial that property owners who want to list their property ask to see a copy of the estate agent's Fidelity Fund Certificate as to ensure that their property is entrusted with a registered professional agent who has the necessary qualifications and accreditation."
Van Wyk adds that there are currently 9 415 properties for sale in Centurion and approximately another 5000 come on the market every year, bringing the total number of properties for sale during the course of a year to just on 15 000.
"Of the 15 000, only 5,570 were sold in 2018, 5,306 were sold in 2017 and 6,123 were sold in 2016. This means that the chance of selling your property during the course of a year is only about 33%. The rest do not sell mainly due to overpricing".
Van Wyk adds when looking at the sales figures for the period January to June, approximately 2,464 properties were sold in the first six months of 2019, 2,650 were sold in the first six months of 2018, and 6,123 were sold during the first six months of 2017.
"Centurion, including Midstream Estate and Valhalla, consist of 92,944 properties. With 5,570 property sales it means that only about 6% of the properties in Centurion are actually sold every year, while almost 16% of the properties come onto the market. Compared to the first six months of last year, property sales have declined by about 7%".
Van Wyk continues that the main reasons for the decrease in Centurion sales include economic and job uncertainty, negative consumer sentiment and the fact that it is more affordable to renovate than to move.
"In my opinion the market will pick up when we see market conditions improve, local and foreign direct investment in the economy, significant decreases in interest rates, consumer sentiment increasing and a concerted effort by the government to cut red tape for businesses.
One must also bear in mind that the property sales during the winter months decrease by approximately 10% depending on the suburb or estate, so the best time to sell a property is over the summer months as the price obtained is also generally slightly higher.
Van Wyk concludes that while there are some factors that are out of your hands when selling your property, appointing a professional estate agent is within your control and all necessary measures should be taken to ensure that you select the best and most professional candidate.
Picture attached: This three bedroom home in Irene is listed with Seeff for R3 050 million.
Author: Tanya Van Buuren