Western Seaboard market galvanising

There’s been a distinct increase recently in property buyer interest and activity on the Cape’s attractive Western Seaboard.

So says Fanie Lategan, principal of the local Chas Everitt International franchise, who notes that long time fence-sitters in particular are finally beginning to take decisive steps towards purchasing property in the area.

Catalysing this movement, he says, is the fact that asking prices are significantly lower than a year ago. A proliferation of property choice, stronger risk appetite and the appealing lifestyle offered by the area are also strong contributing factors.

Proving true to form, activity during the December/ January holiday season was particularly good, says Lategan, with the bulk of enquiries directed at primary residences as opposed to holiday and second homes.

“And now properties in Parklands, Tableview and Sunningdale are proving particularly popular as they represent good value for money. Indeed, the types of houses found in these areas sell at substantially lower prices than within Cape Town proper. A generously proportioned family home can be bought in these suburbs for between R800 000 and R1m.”

But it’s not merely the value factor that is drawing buyers. “The area has a good spread of properties and essentially offers something for everyone. Plenty of open space, good schools and easy access to the seafront and Cape Town CBD all appeal. Residents also enjoy having fine views of Table Mountain and Robben Island and are proud to host the annual windsurfing and kite-surfing championships.”

However, expensive beachfront properties are battling to sell with many people opting to rent as opposed to purchasing at present. Indeed the Western Seaboard rental market is thriving generally, with one and two bedroom flats leasing from R3000pm depending on locality and quality.

Major development in the area is also under way courtesy of the Milnerton Estates/ Aska Property Group. Since 1997, this joint venture has invested in excess of R5-billion into Parklands. A mixed-use development on a grand scale, the area has fast become a “boom town” in its own right. The development is now moving into phase 12 and 13 on Gie Road.

Article by: www.chaseveritt.com