The ‘Older’ Generation Driving the Home Seller Market

property statsAccording to the recent article on Property24, it seems that in the last quarter of 2013 and the first quarter of 2014, the highest percentage of sellers were those who chose to sell due to their 'life stage and age' – as many as 23% of sellers in the first quarter of 2014. In Upper Constantia, the majority of sellers are over the age of 50 and wish to scale down as their homes and gardens are to big for them now that their children have left home and have homes of their own. In some of the Upper Constantia pockets, the minimum land size is 2 acres and for many home owners, this is just too big and too much to manage and they are not able to sub-divide their properties in these pockets such as Hohenhort and Spilhaus areas. The minimum size land in Constantia  is 1350 m/2. 

In the first quarter of 2014, about 14% of the sellers were selling because they chose to 'upgrade' to bigger homes. This figure has decreased slightly over the last 2 years. 

Other important reasons for selling include moving to secure locations – ie security estates (11%).  Security estates such as Stonehurst Estate and Silvertree Estate continue to do extremely well due to the security factors and these estates are also achieving very high rentals amounts on the homes – especially from Corporate Companies who send staff to Cape Town on work contracts. Approximately 9% of sellers moved as they wished to be closer to their place of work. About 5% of sales were due to people relocating within SA and the number of people selling due to the fact that they were emigrating rose to 4%. 

Property prices in the Western Cape grew, or increased by about 11% year on year. For sellers, the time their homes were are the market decreased from just over 16 weeks to just over 13 weeks. This is the shortest time since early 2010 (in the Western Cape). 

Visit Chas Everitt – Constantia for Constantia property for sale or any other property related queries.

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