Many people and property buyers are reportedly living and buying homes close to where they work instead of spending hours commuting.
According to Lanice Steward, managing director of Anne Porter Knight Frank says the proliferation of CBD and CBD fringe homes (especially high density apartment blocks) in and around Cape Town in the last decade has surprised many.
She explains that is had been quite apparent for a long time that this would happen because people are no longer prepared to spend hours in traffic commuting.
“There is a greater call for a “saner” lifestyle and people are now insisting that they live closer to their workplaces.”
Popular Cape Town CBD fringe areas include Green Point, De Waterkant, more recently Woodstock, Salt River and Observatory, parts of Oranjezicht and Vredenhoek.
“The swing to CBD fringe living is a worldwide phenomenon and not confined to South Africa. “It is to be welcomed because it saves fuel and pollution and keeps these areas alive 20 hours out of 24.”
Steward says Capetonians can expect to see two trends in the years ahead - more offices will be decentralised (as they have at Century City, Claremont and Somerset West) creating some of South Africa’s most attractive office precincts.
In Cape Town, the desire to live closer to work has already resulted in massive upgrades in Green Point, De Waterkant and Bo Kaap and Capetonians can now expect Woodstock, Salt River and Observatory to undergo similar transformations thus adding value to these areas.
“Cape Town City Council’s enlightened policy is very much in favour of densification and the reduction in the number of cars used for commuting,” says Steward.
She says if Cape Town property developers heed the message, this would result in more mixed housing precincts in the more expensive areas.
It has been shown that this can be done without detracting from the values of those areas in which the changes are made, for example, if green belt and park areas are also developed.
Asked what it attractive about living closer to work, she says people have had enough of sitting in traffic to and from work. If they live in the city centre for example, they are able to quickly get around and enjoy their environments.
Cosmopolitan type individuals prefer living closer to work, they want to access places of interest at the same time such as theatre, movies and restaurants all within easy reach.
Steward says the best illustration of how an area changes when it becomes popular with cosmopolitan type individuals is possibly Salt River.
Salt River is now very “in” but it is still possible to buy apartments selling for between R800 000 to R1 million. A three bedroom house is priced between R1 million to R1.6 million.
She says these properties command high rentals ranging from R8 000 to R12 000 per month even though they are 50 plus years old.
Observatory at night has a great sense of community and lively café bistro life which many buyers are looking for.
Young upwardly mobile people meet here, others live here while some visit the area because of its enticing atmosphere. – Denise Mhlanga
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I can definitely concur with these sentiments. I recently bought a flat directly opposite from where I work and I haven’t had a regret. I haven’t had to use a car for well over six months, everything I need is within walking distance and when I do use public transport it is quite pleasant because it is not during rush hours. Since this is not my primary property I have put it up for sale and I have received quite a bit of interest but having lived here for six months I am having doubts on whether I should sell, even if the price is right. - Adenaan