Brackenfell property market remains busy
Good property value and a central location make Brackenfell a popular choice among first-time property buyers while good schools attract family buyers.
Koti Steynberg of the RealNet Cape Gate office reports that the market has remained lively in spite of a more cautious approach among buyers as interest rakes hikes started to take effect in the market. However, she adds, we have experienced a marked uptick since August.
This can possibly be attributed to renewed confidence among buyers thanks to the fact that fuel prices started coming down and the interest rate remained unchanged.
Property prices in Brackenfell, roughly equidistant from Cape Town, Stellenbosch, Blouberg and Paarl, remain attractive, with one-bedroom flats priced from R300 000 and units with two bedrooms priced between R450 000 and R600 000.
Townhouses are selling well and are usually priced between R600 000 and R1m. House prices start at around R850 000 with properties in the price range of R900 000 to R1,6m currently being the most popular.
Sales in the area are boosted by demand among buyers who have been transferred from other regions, notably Gauteng and the Eastern Cape. Once again, price and location are big draw cards, she says. Brackenfell is also a popular choice among couples who have to commute to work in different directions as it keeps travelling time and cost reasonable for both partners.
Steynberg adds that demand among younger buyers, including market entrants, has overtaken demand by family buyers traditionally a strong component of the Brackenfell market because of the excellent local schools.
Many of these buyers are yuppies in all demographic groups who earn good salaries and have saved the required 10% deposits to qualify for bonds. They typically target lock-up-and-go units, such as townhouses, she says.
Families who have outgrown existing properties now tend to extend their homes rather than upgrade to bigger properties, she adds.
Article by: www.realnet.co.za