select
|

Brackenfell homes in demand

There is strong demand for property of all types in the Cape Town suburb of Brackenfell and units in new developments are being taken up fast.
 
Michael Zackon of the RealNet Brackenfell franchise reports that new semi-detached homes and apartments priced at around R650 000 are particularly popular among first-time buyers as well as local residents scaling down. Smaller gardens and the minimum upkeep of new properties are great attractions for both groups.
 
“Young buyers in the area are rapidly becoming aware of the long-term financial benefits of home ownership and are switching from renting to buying,” he says. “And because of the affordable prices in new developments, many young buyers can qualify for the necessary bonds so that transactions can be concluded in good time.”
 
Investors are also very active in this segment because of solid immediate returns. "Units in this range are easily rented out at between R4000 and R5500 per month because there is still strong demand for rental accommodation and investors stand to make excellent returns," he says.
 
Older properties in the R800 000 to R1,7m price range are being targeted by buyers with families. Zackon says family homes in older sections of the area offer three to four bedrooms, typically on large stands of up to 750sqm. Properties at the lower end of the price range often need modernisation or renovation, but offer young families the opportunity of fixing them up to suit their requirements. Kitchen and bathroom renovations are popular and many families also build swimming pools.
 
Strong demand for undeveloped stands is a recent trend and supply is dwindling. Prices of stands of about 500sqm range between R465 000 and R500 000 and Zackon says buyers tend to build large homes. “Land costs average R1000/sqm, which allows buyers to build a comfortable home for around R1,3m. And these homes offer excellent prospects of capital growth because completed units are already attracting offers of around R1,7m and up."
 
Eskom employees feature strongly in the Brackenfell market, he notes, and are viewed as desirable buyers because of subsidies provided by their employer.
 
Zackon adds that Brackenfell remains popular because of its central location relative to Cape Town's CBD, Stellenbosch, Paarl and Cape Town International airport. "The area has easy access to both the N1 and N2 highways, which makes it easy for residents to commute to surrounding towns, while enjoying the benefits of a quiet residential area with good shopping facilities."


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK