50% drop in WC show house visitors

50% drop in WC show house visitors
2008/05/20

The average number of interested buyers attending show houses in the Western Cape has plummeted with 50%, while the show house property stock has increased with 25% compared to the previous year.
According to statistics derived from House Finders' data tracking 13 Western Cape real-estate companies' show house exhibitions, there has been a 22% year-on-year (y/y) increase when comparing the first quarter of 2007 with the first quarter of 2008.
However, more stock means more options for buyers, and the spill-over is a decrease in buyers visiting show houses.
Commenting on this development by analysing show house trends in Cape Town's southern suburbs, Jeanne van Jaarsveldt, RE/MAX of SA finance and marketing director, said there was a 50% drop in buyers visiting show houses over the last few months.
"A year ago the average number of buyers visiting a show house was between 15 to 30, with homes in middle price brackets being the most active. We are now seeing between 4 to 12 visitors coming to show houses over weekends," he said.
"The most active price brackets are in the Plumstead area where buyers have an interest in properties between R900k and R1,3m. In the South Peninsula the average price is R750k to R1m, while in the South East Peninsula, the majority of buyers are looking for properties under R750k," says RE/MAX Elite broker and owner, Alan Burgoyne.
"Bergvliet and lower Constantia have the most active show houses, which are in the vicinity of R2m plus."
But now, negative reports about increased crime at show houses, which circulated in the media last week, can further negatively affect attendance figures.
Western Cape media reports of increased crime activity targeted at estate agents, specifically during weekends at show houses in the Southern Suburbs, have appeared recently.
"With the number of houses for sale increasing dramatically over the recent months, the majority of serious sellers recognise the important role show houses play in ensuring that their homes are viewed by the maximum number of serious buyers," says Van Jaarsveldt.
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50% drop in WC show house visitors

 

 

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