The Greater Durban Property Market - A Hot Seller!
Category Principal's Message
It now takes substantially less time for properties in Durban to be sold, once they have been listed, compared to the start of this year. Furthermore, Durban has shown the largest increase in property prices in South Africa during 2019. This is according to the latest property barometer report from First National Bank.
In stark contrast, compared to the first quarter of the year, properties in Cape Town and Tshwane are sitting on the market a week longer prior to being sold.
The recently released FNB Property Barometer, indicated that in the second quarter of 2019 it took 16.1 weeks for properties in Durban to be sold.
According to our recent agency data, cheaper properties (sub R3 million) sell considerably faster with an average listing period of 4 weeks compared to properties priced at R3 million and above, which may stay on the market for approximately 6 to 12 weeks.
What can we attribute Durban's improvement in selling time? The recent property trend and rise in appealing housing developments along the North Coast and renewed interest in the city centre have certainly contributed to this positive change and turnaround period. Additionally, there has been an increase in properties purchased to let in the area.
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Author: Prime Property Marketing