'Lightstone data for the first quarter of 2024 revealed a notably resilient property market over the last quarter, with average purchase prices remaining below R1.5 million.
The data suggests that activity during this period closely mirrored that of the preceding year.
Lightstone's report reveals a total of approximately 47,276 transactions, totalling just over R65 billion, recorded from January to March 2024.
The average transaction price for this quarter stood at R1,377,014.
With a repayment period of 20 years and an interest rate of 11.75%, along with a 10% deposit of R 137,000, would result in monthly repayments of R13,438 and a total amount repayable of R3,225,149.
According to Ooba, as a rule of thumb, you should expect about 30% of your monthly income to be used for bond repayments. Anything above that, and you are entering risky territory.
A significant portion, 71.4%, of property transactions fell below the R1.5 million mark, with transactions ranging between R1.5 million and R3 million comprising 19.7% of the market.
While only 9% of transactions surpassed R3 million, they contributed a substantial 36% to the total transaction value, amounting to over R23.7 billion at an average price of approximately R5.5 million.
Most sales were attributed to freehold properties, accounting for nearly half of all transactions - around 23,200.
In contrast, sectional titles made up just over 30% of transactions (approximately 14,600 units), with freehold properties fetching an average price slightly above R1.5 million and sectional titles averaging just over R1 million.
Cape Town's real estate sector experienced a notable surge, particularly in high-end properties, demonstrating comparable transaction volumes to the first quarter of the previous year and outperforming the last quarter of the same year.
Lightstone's data indicates that the majority of transactions occurred in Cape Town, with sales totalling nearly R800 million, predominantly in suburbs like the Atlantic Seaboard, City Bowl, and the Southern Suburbs.
Key areas witnessing high sales volumes exceeding R20 million included Clifton, Camps Bay, and Constantia, while approximately 32% of sales were attributed to international buyers.
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