In the area 1 – Somerset West

Somerset West property market rallying

Homes in every sector of the market in Somerset West are attracting families and investors keen to own property in this popular Western Cape town, with the majority of properties offering good value for money.

That’s the word from Joan Gibb, principal of the local Chas Everitt International franchise, who says the Somerset West market has rallied well in the face of the economic crisis and property downturn in contrast to surrounding areas.

“Buyer enthusiasm is mostly thanks to the fact that the town combines easy access to good schools, shops, the airport, the winelands and the beach with spectacular scenery and a relaxed lifestyle,” she says.

“Indeed, so attractive has Somerset West become that the breadwinners of many families now live in the town only on weekends and commute to their places of work – as far away as Johannesburg - during the week.”

Sales are taking place at both ends of the local price spectrum, with houses in Heritage Park selling for around R1m and luxury homes in Spanish Farm and Erinvale Golf Estate selling for between R4m and R20m.

The average price for a freehold three-bedroom house is R1,8m, while sectional title homes are typically selling for between R800 000 and R1m. Interest is coming mostly from family buyers and investors, who are financing their purchases with both cash and bonds, says Gibb.

Meanwhile, the rental market in Somerset West is also strong, with stock now being in short supply. “Three-bedroom family homes are leasing for around R10 000pm but such accommodation is becoming increasingly difficult to find.”

Article by: www.chaseveritt.com