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Cape Town - The Cape West Coast has seen an active winter season for residential property sales, according to Stephanie Wynne Cole, area manager for the West Coast of Pam Golding Properties (PGP).
She said this was most unusual given the typical seasonality of the property market in this area, and not even the particularly cold weather experienced in July and August kept buyers away.
Interest ranged from Yzerfontein to Langebaan, Saldanha Bay and further north to Britannia Bay, Shelley Point, Velddrif and Port Owen.
June showed the best results of the year to date, an almost unheard-of occurrence, according to Wynne Cole.
“Our agents sold property worth nearly R15m in this month, which is more than double the R6m sold in June 2012," she said.
"It has been a very busy few months, and our sales from January to August have totalled 57 properties amounting to more than R68m in value – a substantial increase on the 35 sales concluded in the same period during 2012.”
Demand is coming primarily from cash buyers seeking second homes for holiday use, as well as families wishing to relocate to the area on a permanent basis.
The buyer profile comprises mainly residents of Cape Town, Stellenbosch and Paarl, as well as local purchasers moving within Langebaan, and a small number from elsewhere in Africa.
Demand is concentrated in several price ranges, including vacant plots from R200 000 to R400 000, townhouses and homes from R700 000 to R1.5m, and larger family homes priced from R2m to R4m.
This year PGP has also sold two luxury properties priced at over R5m each.
“Most buyers are still extremely value-conscious and are being very selective about their purchases. They are prepared to wait for the right home at the right price, " said Wynne Cole.
"It is encouraging to see the overall upturn in the market, as well as specifically the renewed interest in the purchase of vacant plots – a sector that has been fairly quiet for the past few years."
She said this is indicative of the number of families moving into the area, who wish to build their own brand new homes large enough to accommodate their lifestyle needs.
On the other hand, many holiday homes are currently on the market at below replacement cost.
"The West Coast is now fully established as a residential area and offers everything from a major shopping mall to several private schools, most of which are busy expanding their capacity in order to meet the growing demand from permanent residents," said Wynne Cole.
“It’s also encouraging to see some of the newer residential estates starting to mature, particularly the Langebaan Golfing Security Estate."
Yzerfontein with its Blue Flag beach is another area enjoying high demand, especially from holiday and weekend buyers, while Paternoster is also increasingly popular.
New shops and small commercial clusters are opening throughout the West Coast region, according to Wynne Cole.
“The area is certainly enjoying a surge of popularity and a sense of momentum, which will surely only accelerate once the Industrial Development Zone at Saldanha starts taking shape," said Wynne Cole.
"Not only does it offer a relaxed beachfront lifestyle and immense natural beauty, but it still has some of the best value for money on offer for coastal property anywhere in the Cape.”
- Fin24
She said this was most unusual given the typical seasonality of the property market in this area, and not even the particularly cold weather experienced in July and August kept buyers away.
Interest ranged from Yzerfontein to Langebaan, Saldanha Bay and further north to Britannia Bay, Shelley Point, Velddrif and Port Owen.
June showed the best results of the year to date, an almost unheard-of occurrence, according to Wynne Cole.
“Our agents sold property worth nearly R15m in this month, which is more than double the R6m sold in June 2012," she said.
"It has been a very busy few months, and our sales from January to August have totalled 57 properties amounting to more than R68m in value – a substantial increase on the 35 sales concluded in the same period during 2012.”
Demand is coming primarily from cash buyers seeking second homes for holiday use, as well as families wishing to relocate to the area on a permanent basis.
The buyer profile comprises mainly residents of Cape Town, Stellenbosch and Paarl, as well as local purchasers moving within Langebaan, and a small number from elsewhere in Africa.
Demand is concentrated in several price ranges, including vacant plots from R200 000 to R400 000, townhouses and homes from R700 000 to R1.5m, and larger family homes priced from R2m to R4m.
This year PGP has also sold two luxury properties priced at over R5m each.
“Most buyers are still extremely value-conscious and are being very selective about their purchases. They are prepared to wait for the right home at the right price, " said Wynne Cole.
"It is encouraging to see the overall upturn in the market, as well as specifically the renewed interest in the purchase of vacant plots – a sector that has been fairly quiet for the past few years."
She said this is indicative of the number of families moving into the area, who wish to build their own brand new homes large enough to accommodate their lifestyle needs.
On the other hand, many holiday homes are currently on the market at below replacement cost.
"The West Coast is now fully established as a residential area and offers everything from a major shopping mall to several private schools, most of which are busy expanding their capacity in order to meet the growing demand from permanent residents," said Wynne Cole.
“It’s also encouraging to see some of the newer residential estates starting to mature, particularly the Langebaan Golfing Security Estate."
Yzerfontein with its Blue Flag beach is another area enjoying high demand, especially from holiday and weekend buyers, while Paternoster is also increasingly popular.
New shops and small commercial clusters are opening throughout the West Coast region, according to Wynne Cole.
“The area is certainly enjoying a surge of popularity and a sense of momentum, which will surely only accelerate once the Industrial Development Zone at Saldanha starts taking shape," said Wynne Cole.
"Not only does it offer a relaxed beachfront lifestyle and immense natural beauty, but it still has some of the best value for money on offer for coastal property anywhere in the Cape.”
- Fin24
