07 Jun 2013
Somerset West is experiencing stock shortages due to the high demand for property.
This is according to Loretta Diab, manager of Seeff Somerset West, who says there is a constant interest in property from buyers who live in the area, as well as buyers from other provinces. “This demonstrates the level of confidence that people have in the area and highlights how stable the market is."
Diab says it’s interesting to see how many people are selling their properties but preferring not to relocate elsewhere. “They are either upscaling or downsizing, but few actually leave the town for good." This could be attributed to a number of factors, but mainly to the area's close proximity to schools, medical facilities, Stellenbosch University, famous wine estates, Cape Town international airport and the beach.
Somerset West is also surrounded by golf estates such as the lifestyle estate, Erinvale. She says that people tend not to venture away because everything they need is available to them here.
Diab says stock shortages mainly occur in the middle end of the market where house prices range between R1.3 and R1.8 million and also in the lower range. Top-end priced properties are selling, but she says they haven't had many big sales. The highest sale to date has been for R14 million and second to that was a property in Erinvale that sold for R11 million.
According to Diab, Seeff Somerset West has had more sales this year compared to last year. “Last year our office alone sold 139 units for a 12 month period as opposed to 181 units this year for the same period."
She says prices are steady and much the same as last year, but they are finding that they're getting closer to achieving the asking price, however, prices remain flat in the top-end market.
She says a majority of their sales are to families relocating from other provinces and that the buyer demographic includes age groups from across the board.
At the moment Seeff is marketing a home in the suburb of World’s View for R19.975 million. The property can be described as an African dream house with European flair. It has views and is situated in a secure gated area adjacent to the nature reserve and is designed to attract the maximum amount of natural light.
The home has seven bedrooms of which five have en suite bathrooms. All rooms on the ground floor have direct access to the established garden. There is also a heated, rim-flow salt pool with bar seats and jets, and a Jacuzzi on the deck.
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