Demand still strong in Northern Suburbs
The property markets of Cape Towns Northern Suburbs are performing well under pressure.
Thats the news from Charl Louw, principal of the local Chas Everitt International branch, who says that demand for property in areas such as Durbanville, Bellville North and Century City has remained relatively high and that good prices are still being achieved.
The most active area, he notes, is Vierladen, where prices range between R800 000 and R12m while older homes in Welgemoed and smaller homes in Boston are fetching better prices in relation to asking price than their trendy new counterparts in Van Riebeeckshof. Prices in Boston start at R900 000 and Welgemoed properties are selling for between R1,8m and R6m.
Meanwhile, there has been keen buyer interest in Century City since it was named by Finweek magazine as SAs top middle class suburb, thanks largely to its safe, village-like atmosphere.
Indeed, although buyers are being much more discerning, were still experiencing good levels of activity in all these areas and cash buyers have come to the fore, particularly in the higher price brackets.
Underpinning the demand in the Northern Suburbs, Louw says, is the fact that these areas are well supplied with good schools, sporting facilities, retail venues and office space. Bellville and Durbanville also offer good value for money while Century City offers trendy, modern living close to Cape Town CBD.
In addition, infrastructure improvements have continued apace in both Century City and Durbanville. The Manhattan sector in Century City, comprised of a new Virgin Active gym and clubhouse and a commercial component, is in the process of being finalised.
The Tyger Waterfront in Durbanville is also wrapping up construction of its new commercial and retail sector. And a number of new roads have been constructed in the Northern Suburbs to alleviate traffic congestion and enhance access to other parts of Cape Town.
Overall these areas offer great prospects and should remain strong for the foreseeable future, says Louw.
Article by: www.chaseveritt.com