Cape Town Property Valuations - Property Valuations in Cape Town and surrounds make for interesting reading.
The past six months have seen an increase in Live Asking Prices in certain areas as well as a decrease in other areas. We make mention first why we only utilise Live Asking Prices as a property valuation technique as opposed to “past sales stats” which is commonly used in the industry.
Why we do not use Past Property Sales Stats
Past sales stats are irrelevant to current market conditions, and these stats are littered with sales between family and friends, quick sells, liquidation sales, deceased estates and so on. One cannot seriously utilise these tainted statistics as a gauge of property pricing by any means.
The true market value of any residential property is the sum weighted average price per square meter currently on the market in your suburb TODAY! Should you wish to put your property on the market then you have to compete with all other properties currently on the market. It, therefore, goes without saying that if you do not compete in the Live Pricing space, then you are not IN the market, but merely making up the numbers.
Statistical Information you can rely on. (see all suburbs on Tomprop.com Statistics)
LIVE ASKING PRICES – 6-month movement
The movers and shakers in Cape Town and surrounds for the past 6 months are: Jan – July 2019
Standout Property Pricing Growth: Apartments
Gordons Bay Apartments 9,60%
Cape Town City Centre 8,02%
Table View 7,24%
Hermanus Westcliffe & Voelklip 9,42% and 7,16% respectively
Knysna Central 7,20%
Mossel Bay Central & Dana Bay 5,99% and 5,73% respectively
Sea Point 4,91%
Green Point 4,30%
Areas with reduced Live Asking Prices: Apartments
Simola Knysna -9,52%
Melkbosstrand – Van Riebeeckstrand -4,87%
Westcliffe Hermanus -2,56%
Make use of our built-in calculator with factors and refine your property valuations: It is free and available for you to download and use for all Residential Property Valuations https://tomprop.com/statistics
The factors which are to be used when taking the weighted average price per square meter may be viewed on our Blog - Property Valuations made easy.
Tomprop.com Property Valuation Calculator - Download and use the factors mentioned below. You must start with the weighted average price per square meter in a particular suburb.
Remember, past sales stats are totally irrelevant due to the fact that they are polluted with distressed sales, sales in execution, sales between family members and friends and a whole host of other factors which render these stats useless. Neither do past sales stats take into account the current climate, mood of the market or the simple and current supply-demand logic. We therefore strongly urge you to make use of the live pricing “weighted average price per square meter” on the market today for accuracy and efficiency! There is no intrinsic value other than the average pricing of what is on the market competing with your property today!