So says Marie Smit, agent for Re/Max of Southern Africa in the area, who adds that young professionals and couples with small children are increasingly buying in the R800k to R1,5m range in Somerset West.
"Townhouses are definitely more popular among this group than houses, but houses are also selling briskly. The main problem is still the obtaining of financing, especially for first-time buyers seeking 90% to 100% loans.
"The market is also buoyed by people who choose to buy in Somerset West and commute to Stellenbosch for work as property in Somerset West is cheaper than in Stellenbosch."
Lanis Salmon, an agent for Lanis Salmon Estates in Helderberg, says an influx of industry and property development has transformed the character and personality of Somerset West in recent years. "An area once famed for being perfect for those wanting to retire in serene comfort now boasts a cosmopolitan population and lifestyle attractive to all age groups."
Salmon says young families, entrepreneurs and all-round go getters are increasingly attracted to the area thanks to the growth of local industry and employment as well excellent schools, both private and government.
"Homes here also display very good growth potential, which is always a consideration for a first-time buyer."
Salmon says homes in the area have enjoyed an increase in values of between 25% - 30% over the past few years. "The growth of commercial shopping malls and the development of new clusters or gated villages have increased the number of people who are able to live in and around the basin. Some even live in Somerset West and commute to Cape Town for work, which is about 30km away.
"Entry-level homes start at around R700k for a two- to three-bedroomed unit in one of the newer areas. When ready to trade up, larger family homes, usually in the more established part of town, range from R1,5m up to R3m, depending on the area and accommodation.
By way of context Lanis Salmon explains that she currently has almost 200 properties selling for under R1m and the same again for under R2m. "There is ample choice and if you do your homework, you will easily find a home to suit your budget." – Eugene Brink
Readers' Comments Have a comment about this article? Email us now.
Print
