Cape's mid-market frenzy

HOT STUFF: SOARING DEMAND AND A SHORTAGE OF STOCK IS DRIVING RECORD PRICES

- Citizen reporter

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 inquiries. The stock situation remains dire."