The year has got off to a flying start for the real estate market in the Overberg town of Caledon, thanks to an influx of young people taking up new jobs at the Caledon Casino Hotel & Spa and the new Victoria Mall shopping centre.
This home in Caledon offers seven bedrooms and four bathrooms. It is selling for R1.599 million - click here to view.This is according to Riaan Smuts, owner of RealNet Overberg, who says there will be more jobs and an increasing shortage of homes for sale as infrastructure development proceeds in and around the town.
“Caledon is experiencing a lot of infrastructure development, starting with the tarring of the road linking Hermanus and the surrounding areas to the town. It was a gravel road, but now the 35 kilometre route is a formal road taking one past wine farms and entertainment venues.”
He says in addition, a new petrol station and several new shops are going up next to the casino on the N2, the airport is in its final phase of approval before it can be constructed, and there are plans in the pipeline for a new private hospital located behind the State hospital.
The Department of Education recently opened new offices in the town, which has further boosted the demand for both rental and permanent accommodation. There is also increasing demand from senior citizens, although Caledon has a shortage of retirement accommodation, he says.
This four bedroom house in Caledon offers a lounge with fireplace and a braai area. It is on the market for R1.799 million - click here to view.“Caledon’s location in the wheat and canola fields at the foot of the Zwartberg, and just 120 kilometres from Cape Town, makes it the perfect retreat from city life and we also receive a lot of enquiries from would-be ‘semigrants’, but unfortunately can’t offer the kind of properties and opportunities most are looking for at this stage.
He says they have some excellent schools, but need more security villages and gated estates to give city dwellers the conveniences they are accustomed to.
Smuts says meanwhile, the increasing demand for rental accommodation makes Caledon a good bet for buy-to-let investors, with two bedroom flats that cost around R475 000 to buy, now letting for around R3 500 a month, and three bedroom family homes that are priced at around R1 million letting for R5 500 a month.
The demand from home buyers is currently strongest in the R800 000 to R1 million price range, and the upper end of the market now hovers around R1.3 million.
