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Wineland living charms Stellenbosch buyers

Secure estates set in the winelands surrounding the historic university town of Stellenbosch are becoming firm favourites among both local and overseas homebuyers, says Jacques Davie of top local agency RealNet Stellenbosch.


 
“Investors in student housing remain very active but in the other market sectors, buyers are now increasingly targeting trendy units in secure estates. They are looking for tight security and they tend to favour new developments on the edge of town that offer sweeping views of the mountains and vineyards.”
 
A case in point, he says, is Village Walk, the first part of the Nooitgedacht Village development in the Nooitgedacht wine estate, where all three phases of the plot-and-plan homes on offer recently sold out very quickly. (See photo)
 
Estate units in the R1,3m to R1,6m price range are especially sought-after by investors, newlyweds and young professionals and strong demand has led to a shortage of stock, says Davie. But developers have fortunately been quick to take note and now several new estates offering three-bedroom units in this price range are also coming to market or in the planning stages. Investors can expect monthly rentals on such units of R8500 and more.
 
Meanwhile, young people determined to get into the property market are especially targeting two-bedroom estate units with a garage on small stands.


There was high demand for the plot-and-plan homes in the Village Walk section of the Nooitgedacht Village development near Stellenbosch, and all were quickly sold.
 
Prices of stately homes in the estates start at around R3m, he says,although prices of up to R20m are now being achieved at the top end of the market. “Wealthy retirees and established professionals are active in this segment, as are international buyers purchasing with strong currencies.”
 
According to property data company Lightstone, most residents of Stellenbosch are there for the long haul, despite the fact that it is a university town. More than 70% of current residents have lived there for five years or more, and the majority are aged between 35 and 65.
 
Among recent buyers, Lightstone says, 74% have also been in this age bracket, while 20 percent were between 18 and 35. The average home price paid was R1,4m, but at least 56 homes were sold for more than R1,5m each.


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