The Western Cape property market, although robust, has experienced its fair share of challenges over the last 18 months as sales in ‘hot’ areas have started to dry up and other areas have emerged to take the top spots.
“Homeowners and those just looking to get into the market can look forward to select areas becoming prime areas to invest and live in, as they are becoming increasingly sought after. The same would apply for those looking to sell, as homeowners would be likely to achieve a good price for their properties,” says Mike Greeff CEO of Greeff Christie’s International Real Estate.
There are select areas that have shown significant increases in popularity and value over the last few years. These include:
1. Simon’s Town
Once known as a quiet village with beautiful mountain and sea vistas, Simon’s Town has in recent years made quite the resurgence among buyers and investors. Interest in the area is set to be on the rise with the construction and development of a new retail and medical centre, as well as other developments. The quaint town of just over 1 300 people is known for its laidback lifestyle and sparkling beaches, with many buyers looking to enjoy the perks of seaside living away from the hustle and bustle while achieving good value for money for the properties they buy.
2. The Western Seaboard
A once lesser-known suburb of the Cape, the Western Seaboard has shown consistent year-on-year price growth 8% to 10% in some areas. The areas are known for their appeal, good value for money and high rental yields. The area is now seen as one of the city’s leading hubs with its appeal not just lying in the beachfront areas but also the business hubs and retail nodes.
Areas such as Century City and its surrounds have seen significant movement with development set to take place in the former Ratanga Junction area in the year 2020. The Western Seaboard area already has a handful of privately-owned schools, but more schooling options are on the cards and will boost interest in the area, especially among families looking to buy.
There is also the undoubted appeal of the beachfront and the properties lined along it. Areas such as Milnerton, Bloubergstrand, Lagoon Beach and Dolphin Beach are prime areas for real estate growth and have seen property prices grow exponentially in recent years.
3. Newlands
Known as the wettest suburb in the Cape, Newlands offers the prospective buyer an option to invest in one of the fastest growing and sought-after suburbs. With an ever-changing property landscape, Newlands can now be seen as a luxury area and is home to an amalgamation of cultures, ages and all walks of life.
According to Propstats, during the year 2018 properties remained on the market for 75 days and prices increased by 14.4% over the last three years, further showing the healthy appetite from buyers and investors. Property in the area is usually snapped up quite quickly.
Just five weeks into the year, Greeff Christie’s International Real Estate has already managed to sell six properties, further proving that the property market in Newlands is standing firm with no signs of slowing down.
The area itself enjoys considerably close proximity to first-rate schools such as SACS, Westerford and Sans Souci, as well as being a stone’s throw from access routes to the University of Cape Town.
4. Noordhoek
Considered by many to be one of the Western Cape’s best kept secrets, Noordhoek is located at the foot of the breathtaking Chapman’s Peak while being hemmed in by the sheer beauty of the Table Mountain National Park. Noordhoek offers buyers the opportunity to invest in their peace of mind and tranquillity and is renowned for its leisure activities, village lifestyle and breathtaking views of the mountains and ocean. The area also offers possibly the most scenic daily commute in the country via the iconic M6 Chapman’s Peak Drive or the M64, which takes in the lush greenery of the Silvermine Nature Reserve.
The area has shown excellent property value growth, with the average sale price moving from R2.8 million in 2015 to R4.75 million in 2018.
“In addition, Noordhoek is home to one of the Cape’s finest security estates, Chapman’s Bay Estate. This low-density, secure estate prides itself on incorporating luxury and eco-friendly living. Chapman's Bay Estate presents the perfect opportunity for individuals to own property that offers the ideal blend of seclusion and ease of access to the city. This world-class development also gives buyers unrivalled views of the breathtaking Table Mountain Nature Reserve,” says Greeff.
Finally
“These four hotspots are indicative of the resilience of the Cape property market and just some of the reasons that encourage potential buyers to get into the market with lessened trepidation,” says Greeff.
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