Dear Esteemed Property Owners of Lynnwood, Pretoria
We trust this report finds you well. As your trusted real estate partner, we are pleased to provide you with an overview of the recent market activity in the prestigious neighbourhood of Lynnwood.
Property prices in Lynnwood have increased for freeholds and decreased for sectional scheme units. The average selling price for freeholds in Lynnwood has experienced a 3.77% appreciation, indicating the sustained demand for properties in this sought-after location.
The increase in property prices; as well as other factors such as increased interest rates, higher living costs and the weakening of the economy have contributed to a decrease in demand for property.
The average number of sales for freeholds over the past 10 years is 114 properties per year. Since the market started to slow down, the number of sales for 2023 is thirteen units less than expected at this time based on the average number of sales. The average freehold property sales price increased by R857,500 over the past 10 years, indicating that buying a property in Lynnwood is a good investment.
The number of property registration transactions for sectional schemes decreased with 47.83% compared to the same period last year. The average sales price for sectional scheme units in Lynnwood have decreased slightly with 5.88% compared to the average sales price in 2022.
The average selling price for vacant land increased by 26.75% since last year and the number of registrations increased by a factor of 5. This points to the enduring desirability of the area.
The demand for various property types remains diverse. High-end luxury homes, modern townhouses, and spacious apartments continue to capture the interest of different segments of buyers. This balanced demand across property types contributes to the neighbourhood’s overall vibrancy.
The unique blend of exclusivity, excellent infrastructure, and proximity to amenities continues to make Lynnwood an attractive choice for discerning homebuyers. The area's lush greenery, scenic views, and top-notch security infrastructure further enhance its appeal.
While the overall market shows promising signs, it's important to note that the available inventory has slightly decreased. This could be attributed to the sustained demand and the careful consideration of homeowners when listing their properties.
Lynnwood's real estate market continues to exhibit its strength and allure. The neighbourhood’s intrinsic value remains high, offering a prime opportunity for homeowners to capitalize on their investments.
If you are considering selling, buying, or investing in properties in Lynnwood, we are here to provide you with the expertise and insights needed to make informed decisions.
Feel free to reach out to us at any time for personalized advice, a market evaluation of your property, or any real estate-related queries.
Thank you for entrusting us as your local real estate resource and for taking the time to connect with us by reading our latest Lynnwood August 2023 Market Report.
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