Cape Flats offering good value even in this market

News > news - 01 Aug 2008
Good value for money continues to draw property buyers to the adjoining suburbs of Elfindale and Punts Estate on the Cape Flats.

Cas Muller of local agency Homenet Model Estates says these areas have a long history as popular residential suburbs among upmarket buyers on the Cape Flats. “Their position is excellent. They are conveniently situated between the Diep River and Heathfield railway stations and offer easy access to both the M3 and M5 freeways.

“They are also firmly established, with good pre-primary, primary and high schools, while residents have a choice between three nearby shopping centres.”

But, he says, it’s value for money that is really attracting buyers at the moment. Family homes with three bedrooms can still be found in these 40-year-old suburbs from around R800 000. And at the top end of the market there are even bigger bargains, especially in comparison with nearby neighbourhoods such as Plumstead.

“For example, a few weeks ago we sold a 200sqm property in Punts Estate for R1,1m. The property offers four bedrooms, three reception rooms and a double garage, all on a 676sqm stand. By contrast, we sold a two-bedroom home of 125sqm on a 496sqm stand in Plumstead for R1m.

“We also recently sold a property in Punts Estate for R900 000 that consisted of a 100sqm free-standing home on a stand of 419sqm, compared with an 85sqm semi-detached unit on 250sqm of land in Plumstead that also went for R900 000.”

Muller says the record selling price to date for Elfindale and Punts Estate was R1,35m. “Most properties in these areas sell at around R1m, but rand-for-rand, buyers are getting really good value for their money.”
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