A shortage of stock in the affordable home market in Kuils River in the Western Cape has prospective buyers lining up, and well-priced properties selling within a few days of being listed.
This large family home in Kuils River is for sale through RealNet for R1.75m. It has four bedrooms, two bathrooms, a brand new kitchen with scullery, three living rooms and a double garage. It is also within walking distance of the primary and high schools. Click here to view.There is high demand for basic homes in Delft among young market entrants, says Ronelle Venter, the RealNet franchisee in Kuils River. "Small homes with two bedrooms are selling for just less than R200 000 here, and young buyers at the start of their careers find this an excellent opportunity to enter the market.
"At this price level, 100% loans are also relatively easy to obtain and some young buyers have saved up enough while living with their parents to be able to buy with cash," she says.
Larger two- or three-bedroom homes in areas such as Highbury Park, Summerville and Hagley are being targeted by young buyers with families because they offer good value at prices between R500 000 and R700 000.
Venter says many young buyers working in nearby Stellenbosch are particularly keen on these areas since properties are much more affordable. "Homes and apartments in and around Stellenbosch, about 15km away, are usually out of reach for young buyers who are usually quite prepared to commute in return for being able to buy an affordable home of their own in parts of Kuils River."
She says that stock shortages are abating somewhat, but that there is still a dire need for more development in the lower price ranges. "Severe winter weather has slowed homes for sale to a trickle - as is usually the case during the wet Cape winters - but even with more homes coming to market now that the weather is warming up, demand will probably far outstrip supply for the foreseeable future, offering housing developers good prospects of quick uptake of units."
The availability of homes in the R900 000 to R1 million price range is reasonable, she says, but that is because the uptake is slower due to affordability issues on the one hand and problems with qualifying for bond finance on the other.
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