Entry-level homes in Cape Town's popular Bellville area are in great demand and young buyers are committing themselves to 30-year bonds to get a foot on the property ladder.
This three bedroom home in Vredenberg, Bellville, offers two bathrooms, a garden and garage. It is on the market for R1.25 million - click here to view.
The strong demand at the R1 million price level is now leading to stock shortages.
This is according to Benita Basson, owner of local Harcourts House of Real Estate, who says market entrants are doing everything they can to secure the available homes.
She says Bellville is a convenient base for young buyers who work in the city centre just 15 kilometres away, and property in the area is a good investment. However, there is some concern that buyers may become over-extended if interest rates start rising again as expected towards the end of 2014.
Basson says at the other end of the scale, cash buyers are becoming prominent in the higher price ranges, while others are buying with deposits of up to 30 percent of the buying price.
“Family homes priced up to R1.4 million are popular among professionals, especially lawyers because of the proximity to the High Court and young medical professionals who work at the nearby Tygerberg Hospital.”
This home in Oakdale Estate, Bellville, has four bedrooms, two bathrooms, a heated swimming pool, undercover braai and garage. It is priced at R1.295 million - click here to view.
And with its signature houses built during the 1950s and 1960s, Bellville is also favoured by artists, writers, actors and sports stars who love the pressed ceilings and wooden floors featured in many of these properties, says Basson.
The area has very much the same trendy ambience as Melville in Johannesburg and a lively café culture, with many restaurants in the well-frequented Edward Street and various forms of entertainment at Tygervallei Waterfront, which was developed around a worked-out quarry, she says.
She adds that top properties developed in the boom years of 2006 and 2007 are attracting professionals in established careers. Lock-up-and-go units in secure complexes and large, Tuscan-style homes on big stands of up to 2 500 square metres in the winelands are selling at prices of up to R6 million.
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