Aspiring property owners have further opportunity to take advantage of favourable buying conditions after the Monetary Policy Committee chose to keep the interest rate unchanged at 3.5%.
While the prime lending rate also remains steady at a near 50-year low of 7%, Dr Andrew Golding, chief executive of the Pam Golding Property group says indications are that it is unlikely to dip further. “So for potential homeowners, it is a reminder that if you are thinking of buying a home, now would be a good time...”
Though the Western Cape’s Atlantic Seaboard draws much of the attention for being the most expensive area within the region, it is by no means the only luxury market within the province worth aspiring towards.
Zooming in on Hout Bay
This popular coastal town along the Atlantic Seaboard offers up big value for buyers seeking a wholesome outdoor lifestyle, whether seeking out the sun, mountains or blue waters. You can still find a comfortable family house with a pool in the R3 million to R4 million range in Hout Bay, says Stephan Cross, manager for Seeff Hout Bay.
Buyers looking for a coastal location find Hout Bay ideal given its affordable homes and quick access to the top schools, beaches, mountains, forests as well as the CBD. Aside from local buyers, Cross says they deal with many semigrating buyers as well as foreign buyers, especially from Germany and the UK who invest in second homes.
Hout Bay’s appeal as a 'zoom town' has grown exponentially as more buyers look for properties in beautiful and safe surroundings with world-class infrastructure. Demand for properties exceeds supply as the striking beauty and lifestyle of Hout Bay becomes more apparent to buyers.
Click here to see the latest trends for Hout Bay.
Lock-up-and go Atlantic Seaboard
The R2 million to R4 million range on the Atlantic Seaboard will only really buy you a sectional title property in areas such as Sea Point, Green Point, De Waterkant, Mouille Point.
Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl says the price band has been very active over the last year as buyers look to capitalise on the favourable buying conditions including the low borrowing costs.
The area ranks as the most desirable real estate belt in the country and attracts a cross-spectrum of buyers, from locals looking to move into the area or downscale to a lock-up-and-go seaside lifestyle as well as upcountry and foreign buyers looking for a second home in the area. The lifestyle and amenities are key attractions.
Atlantic Seaboard has currently *374 new property listings, according to Property24 Tends Data, with the average sale price for the area being R3.3 million. The average sale price per erf for 2020 was about R8.24 million, while Section Scheme Units average sale price for the same period is R2.9 million.
The latest residential listings on Property24 show that two bedroom homes are most widely available, at an average list price of R4.799 million. Sellers in the area fall within the 65 years or older (38%), while 31% of buyers are between 50-64 years - followed by 30% within 18-35 years age group.
Click here to see all the latest trend data for the Atlantic Seaboard
Emarie Campbell, Pam Golding Properties area principal on the Cape’s Western Seaboard: “We have a very active middle price buyer market R1.5 million to R2.5 million in Sunningdale and Parklands
“Many of these buyers have been tenants in apartments or been sharing with family or friends. We do have a severe stock shortage in this price range so prices are showing signs of increasing.”
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*Property24 Listings Data Disclaimer: The trends detailed in this article are based on Property24 listings, current at the time of publishing, and property transfer data supplied by Deeds offices, which typically take 3-4 months to reflect. Suburbs are listed according to Property24's geographical database. In some areas this will include both commercial and residential properties. The age demographic data of buyers, sellers and stable owners is determined over a six-month period. These Property Values should not be used as a substitute for independent professional advice and is subject to Property24.com Terms and Conditions.
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