Somerset West a top pick for ‘semigrants’

The property market in Somerset West continues to steam ahead – and attract homebuyers from all over the country.

That’s the word from Steve Caradoc-Davies, director of top local agency Harcourts Platinum, who says that at least 25% of buyers in Somerset West currently are from elsewhere in SA, and have chosen to relocate here because the town is well-managed, has a good infrastructure and offers a relaxed lifestyle.

“It also helps that the schools here are top-notch, and that Somerset West is brilliantly located just minutes from the beach or the winelands or the international airport.”

And as the demand from both local and upcountry buyers continues to grow, developers are finding it increasingly viable to unlock new residential opportunities, he says. “In fact, we are involved in several applications at the moment to subdivide large stands in the traditional suburbs of the town for small security developments of between 10 and 30 units each.”

Meanwhile other developments on either side of the more established areas are selling well, says Caradoc-Davies. “These include Fairhaven Estate on the Sir Lowry’s side and Sitari Country Estate on the N2 side, which is the equivalent of an entire suburb and will add about 3150 homes to Somerset West’s current total of about 18 000.

“A new specialist medical centre has also just opened at Paardevlei to meet the needs of our growing population, and several new shopping centres are also in the pipeline.”

He says the demand for homes is strongest in the under-R2,5m range, where there is a currently a shortage of stock that is putting upward pressure on prices. “Value growth in this sector over the past year has been between 8% and 12%, while the R2,5m to R4m price bracket is also healthy and growing at between 6% and 8%.

“However, the sector above R4m is moving only slowly and prices are generally flat, with the exception of Erinvale Golf Estate, where prices continue to escalate. We are confident, though, that the demand for high-end homes will increase as upwardly mobile buyers migrate from lower price brackets.”

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