Hero Image

What is happening in the Humewood house market?

Humewood House Prices

THESE ARE THE FACTS

  • According to Lightstone deeds office information, since Oct 16, only 4 residential houses were sold in Humewood for over R2.8m (hightlighted in bold - table below).
  • There are currently in excess of 25 Humewood houses for sale over R3m on the Private Property website. Many of these are stale listings (older listings generally fetch below market value) and have been listed with multiple agencies. Open mandates mean no commitment by the agents - The property becomes everyone’s listing and no one’s responsibility).Currently, the average sold price for Humewood houses is R2 1m (Sep - Nov 18 registrations).
Erf Street St Sales Date Registration Date Price Buyer Seller Detail
1196     2018/01/11 2018/08/29 R 40 000 000 NALEDI MALL PTY LTD STEINBROMAT PTY LTD Commercial
65 Chalmers ROAD 1 2017/10/16 2018/06/26 R 3 350 000 DOUBLE FOUR PROP PTY LTD IOANNIDES GEORGIOS Guesthouse
206 Ferndale ROAD 13 2018/02/20 2018/05/15 R 3 150 000 EDEN EQUITY TRUST FERNDALE ROAD TRUST Guesthouse
241 La Roche DRIVE 12 2017/09/23 2017/12/15 R 2 800 000 LL TRUST LINDSAY SAMPSON TRUST Guesthouse
199 Marshall ROAD 20 2017/08/17 2017/11/13 R 4 000 000 CLARKE CANDY LYNN MERWE THYS GARETH VAN DER  
67 Chalmers ROAD 5 2017/06/25 2017/10/30 R 3 000 000 HEATH JOHAN STEYN SMITH BRIAN RICHARD Guesthouse
1315 Chalmers ROAD 1315 2017/08/03 2017/10/03 R 3 900 000 CONTE FRANCESCO FORSTER COLIN WILLIAM Newly built home
1199     2017/03/03 2017/07/21 R 48 136 758 MERWAY FIFTH INV PTY LTD SUN 1 HOTELS PTY LTD Commercial
1199     2017/02/27 2017/07/21 R 10 739 154 SUN 1 HOTELS PTY LTD PORT ELIZABETH HOTEL TRUST Commercial
133 Aberdour CRESCENT 9 2017/01/19 2017/03/13 R 3 100 000 BARWOOD NEIL ROBERT HAMLETT ERIC MARTIN Guesthouse
60 Driftsands DRIVE 24 2016/11/28 2017/02/17 R 4 400 000 LA MER GUESTHOUSE PTY LTD LA MER LODGE C C Guesthouse entity change
1073 Marshall ROAD 38 2016/09/09 2016/11/09 R 3 800 000 JARVIS JULIET KARENA P A A TRUST  
186 La Roche DRIVE 9 2016/06/21 2016/10/13 R 3 100 000 SHAHEDA MOOSAJEE TRUST SCHELLINK JAN JONATHAN  
                 
0 Residential houses transferred in 2018 in Humewood          
2 Residential houses transferred in 2017 in Humewood          
2 Residential houses transferred in Oct - Dec 16 in Humewood        
Source: Lightstone transfers reports            

WHAT IS MARKET VALUE?

A seller can only ever expect an agent to achieve MARKET VALUE for their Property.  Market value is the price a willing and able buyer will pay to a seller at any given point in time, in a free and open market.

Buyers buy by comparison. They will view many properties (sometimes as much as 14 plus) before making their decision. Buyers are well informed about prices, value for money and make comparisons between the different properties before making their decision.

BANK VALUATORS MUST STILL FIND VALUE FOR A BONDABLE SALE TO SUCCEED

Most buyers will need bond finance for their purchase. Part of this process involves the bank sending out qualified valuators to the property, to advise if the property is worth the price being accepted by the seller. Should they not find value, the bond will not be granted and the sale will not proceed.

Bear in mind that for a buyer to qualify for a R3million bond, they would need to earn in excess of R90 000! The average household income range in Humewood is between R35 000 – R45 000
(source: Lightstone)

PLEASE CONSIDER THE FOLLOWING IF YOUR PROPERTY IS CURRENTLY ON THE MARKET AND IS NOT SELLING

  • How did your Agent arrive at this Price?
  • Has your Agent discussed the comparable list of recently sold properties in your area with the prices achieved?
  • Does your property offer the best value for money in the Humewood area currently? If not, it will not sell.
  • What resources does your Agent have to Market your home?
  • Does your Agent have a growing database of buyers, as a result of the fact that they specialise in the area and have regular showhouses?
  • Does your Agent have experience selling in Humewood?
  • Does your Agent have a proven track record of sales (not listings) in the Beachfront area?

COMMON MISTAKES SELLERS MAKE

  • To choose an agency who prices their home the highest, rather than based on their track record or ability to market and sell.
  • Price their home above market value in the initial marketing period – which is the most critical.
  • Neglect to ask for a marketing plan from the agents they interview.
  • Neglect to check out other properties for sale in the area (the competition)
  • Place the home on the market before it is in the best condition.
  • Fail to give proper viewing opportunities and show house access.

Has your Agent over-inflated the price of your property and lowered their commission just to get the Mandate?

WIthout a doubt, this will cost you more in the end?

If you need to sell and would like an honest, facts-based, market-related valuation, call the Beachfront specialists on 041 583 4034 / 072 245 6037.