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Buyers piling in to Western Seaboard suburbs

Suburbs along the Western Seaboard are currently providing some of the best property value to be found in Cape Town – as well as a great seaside lifestyle, easy access to the CBD via the new MyCiti rapid transport system and convenient shops and schools.
 
And buyers have not been slow to respond, says Deon Lessing, owner of the local Chas Everitt International franchise. “Buying activity in areas like Table View, Parklands and Flamingo Vlei is up 20% on this time last year, and anything realistically priced in these areas usually sells now in less than a month.”


This four-bedroom, three-bathroom home in Parklands is for sale through Chas Everitt International for R1,499,000.
 
According to property data company Lightstone, there have been more than 340 sectional title (ST) and freehold property transfers in these three areas over the past three months. Parklands is the most affordable, with a current average sale price for ST properties of R440 000, and an average of R915 000 for freehold homes.
 
The current average sale price of ST properties in Table View is currently R770 000 and that for freehold properties R1,3m, while in Flamingo Vlei, ST properties are selling for an average of R680 000 and freehold homes for around R1,8m.
 
“Most of the demand in these areas is coming from first-time buyers and young families, but there is also strong interest from investors and developers,” Lessing says. “There is also high demand here for rental property, and buy-to-let investors are currently favouring family houses priced at up to R1,2m.Holiday flats on the beachfront are also regaining popularity, while other investors are buying older, worn properties in Table View and Flamingo to renovate and resell at a profit.
 
“Developers, meanwhile, are experiencing enthusiastic buyer responses to projects offering starter homes from around 100sqm upwards at prices between R1,1m and R1,6m.We are marketing several such developments and typically receive two or three offers per unit, which then goes to the first buyer to obtain home loan approval.”
 
And, he says, buyers with good credit records and enough disposable income are obtaining bonds fairly easily, even for 100% of the purchase price. “The banks are a little sensitive to their exposure in certain ST blocks in Parklands, but I honestly can’t say that they are hampering our sales at this stage.
 
“If we had an additional 50 homes correctly priced at between R850 000 and R1,4m now, I believe my team could sell them in less than two months.”
 
Elsewhere on the Western Seaboard, says Lessing, Melkbosstrand has emerged as increasingly sought-after area, because it combines easy access to the city with a luxury lifestyle – and upmarket properties at good value compared to the Southern Suburbs.
 
“Turnover is slower in Bloubergstrand and Big Bay, but these areas are still popular among professionals and entrepreneurs who enjoy the outdoor lifestyle, and with younger overseas investors who buy holiday flats here. Big Bay is also becoming more popular among retirees as it has the Blaauwberg Netcare Hospital close by.”


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