A perfect storm of soaring buyer demand and critically low property stock is creating a red-hot sellers’ market in Cape Town’s Southern Suburbs, with the middle market experiencing an unprecedented feeding frenzy. Desperate buyers are clamouring for the few available properties, leading to multiple-offer situations and prices being driven above asking figures.
According to Area Specialists from Lew Geffen Sotheby’s International Realty, the current climate presents a golden opportunity for sellers in this bracket to capitalise on the intense competition.
“Nikki Lombard and I continue to struggle to secure stock in the Southern Suburbs,” said Dawn Bloch, Area Specialist for Lakeside, Kirstenhof, Bergvliet and Zwaanswyk,. “Each time we launch a property, we are inundated by enquiries. The stock situation remains dire.”
This demand was starkly illustrated by the recent sale of in Lincoln Fields Crescent in Lakeside. The renovated, open-plan home generated a staggering 70 enquiries, leading to 43 viewings in just a few days.
“We received six offers, three of which were cash and at the full asking price,” Bloch revealed. “This forced us into an auction-type scenario where we had to ask the three cash buyers to improve their offers. The property ultimately sold for a commanding R3.825 million, a significant price for its modest size, and interest continued even after the ‘Under Offer’ banner was placed, including from overseas-based buyers.”
The fervent demand is not limited to freestanding homes. Bloch recently concluded the sale of an apartment at Glen Alpine on Ladies Mile in Bergvliet without it even officially hitting the market. This highlights a growing trend of buyers, frustrated by the lack of options, moving proactively to secure properties.
“A buyer I had engaged with three years ago contacted me, having sold her house and seeking a secure, well-managed apartment to downscale to,” Bloch explained. “I mentioned I was advising sellers on pre-market renovations for the Glen Alpine apartment. Knowing the stock situation, she insisted on seeing it immediately.”
The buyer fell in love with the generously sized 111m² apartment, which features a rare 27m² private garden and is in a pet-friendly complex. She subsequently made a full asking price offer of R2.695m.
This case also underscores two key market trends: the exceptional value of well-presented, spacious apartments and a growing demographic of single women – both young and retired – seeking safe, quality living environments.
“Retirement villages are often beyond the financial reach of many, and there is a significant need for secure, well-managed complexes that cater to this demographic,” Bloch noted.
For her colleague Nikki Lombard, these successful sales are a testament to a proactive and comprehensive approach required in today’s market. “It’s crucial for the market to see what we are achieving,” said Lombard. “We go the extra mile for both sellers and buyers, whether it’s assisting an overseas-based seller with coordinating renovations or guiding a buyer through their first move in 26 years.”
The message from the frontline is clear: for sellers in Cape Town’s middle-market Southern Suburbs, conditions have rarely been more favourable. With buyer demand drastically outstripping supply, well-priced and well-presented properties are sparking bidding wars and achieving top-tier prices in record time.
