This classic five-bedroom thatch home on a 3 600 m2 plot on the edge of Durbanville is for sale through Pam Golding Properties at R3.95 million.
After a tough 2009, the first glimmers of activity are surfacing in Cape Town’s northern suburbs, says Pam Golding Properties.
“Last year was particularly tough for this region as it was very hard hit by banks’ tight lending criteria,” says PGP’s MD for the Western Cape metro area, Laurie Wener.
“Price is a key factor for typical buyers in this area, who include many first-time entrants to the market, among them young professionals and young married couples. This market was heavily prejudiced by the lack of availability of bond finance. But the good news is that with the slight easing of banks’ approach to lending in the latter part of the year, there has been a definite shift in market sentiment and more people can afford to buy.”
PGP’s area manager for the northern suburbs, Maureen Nel, says buyers and sellers are becoming noticeably more optimistic.
“Our sales picked up during the months from October to December, and agents concluded 19 sales worth R20 million in October alone,” she says. “This trend continued into November and December, and we are confident that it will gain momentum into 2010. Buyers should know that it is still possible to buy well-priced starter homes and apartments in the northern suburbs for less than R1 million.
“For example, agents in Bellville recently sold 10 properties priced at an average of R800 000, and have more sales pending in the same price range. Similar bargains have been obtained in Durbanville, where our agents recently sold 24 properties at an average of R1.095 million.”
Another notable recent sale has been that of the historic homestead Merton House in Durbanville. The property dates back over 110 years, and is set in leafy grounds of close to 2 200 m2. It was sold by PGP to a local buyer for R3 million.
Nel says there is also a wide variety of more affordable properties for those seeking larger family homes.
“The excellent reputations of our local schools continue to grow and four of the government schools made the recent Sunday Times Top 100 list,” says Nel. “There are also a number of private schools from pre-school to matric level. This means families wanting a child-friendly lifestyle can relocate to the northern suburbs knowing they can obtain a sound education for their children, as well as substantial homes with ample accommodation and garden space.
“Welgemoed, Plattekloof, Durbanville, Eversdal, Stellenberg and Kenridge are particularly popular with family buyers as a result of their proximity to these schools. A prime example is our recent sale of a four-bedroom family home in Everglen for R3.6 million, within walking distance of Fairmont High and two primary schools. Typically prices for houses in these areas range from R1.3 million to over R4 million.”
She says investors in the northern suburbs are taking advantage of the high demand for rental accommodation to invest in apartments which they then rent out.
“There is demand for apartments in general with competing offers on some properties leading to sales on or very close to the listed price,” says Nel.
The northern suburbs also have their share of luxury homes in Welgemoed, Durbanville and Plattekloof, where prices range from R4 million to R20 million. Many have beautiful views and gardens.
