2022 has seen an influx of young professionals and first time home buyers flooding into the outlying CBD suburb areas. These buyers bring a keen interest in both the full title and sectional title segments of the market.
The increase in demand amongst the 25 - 40 year old bracket can be attributed to the area's convenient location, access to public transport, major highways, artistic flair, and low-interest rates which are fuelling affordability.
Woodstock and surrounds are still currently seen as a slightly more cost-effective place to live than the likes of the City Bowl and Atlantic Seaboard. However, this is quickly changing, with properties rarely selling for under R 1,000,000. This notable increase from just 5 -7 years ago when it was commonplace for sectional title properties to trade at around the R500,000 range.
In the first quarter of 2022, properties sold roughly 20-30% quicker than in the first quarter of 2021. The last time the market experienced such a notable increase was in 2015 when the property market turned sharply from a buyer's market into a seller's market.
With low inventory levels prevalent across the board, Quay 1 International Realty's area specialist brokers have been experiencing high purchaser demand in the region.
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