Lake Michelle, Noordhoek :: Update – October 2017

Lake Michelle Property Snapshot – From your Resident Area Specialist

Year To Date /3rd Quarter performance 2016 vs 2017

On paper, it looks like property sales have dropped by more than half in the first nine months of 2017 compared to 2016. But if one looks more closely at the 25 recorded transfers for 2016, 7 of them were vacant land.  2017’s 10 transfers were all houses.

By the end of the third quarter 2016 the spend was a whopping R107 295 000 vs R46 040 000 so far this year.  The average selling price saw a slight increase from R4 291 000 to R4 604 000 and the average Rand per square meter for 2017 increased to R6 779.

The highest recorded transfer for a property in Lake Michelle was R6 800 000 early in the year and the “best” buy for a smaller erf in Ibis End of R2 400 000.

Lake Michelle is still the best Eco Estate to invest in and the strong ‘semigration’ trend into the Western Cape will ensure a steady flow of interested buyers seeking its unique lifestyle.

Having said that, it is interesting to note that it is taking a bit longer to sell properties than in previous years, and this may be concrete evidence of the speculated downturn in the property market which, in spite of its traditionally bullet-proof nature, is slowly affecting the Western Cape.

If you are thinking of selling or are just interested to know what your property might be worth in today’s market, give Area Specialist Charlene Faint a call.  Current listings in Lake Michelle

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