Over the past few years the property market in the Western Cape has become the strongest and most stable regional housing sector in the country, registering double-digit annual increases despite the economic uncertainty, outperforming other provinces continually.
FNB Property Economist, John Loos says that within South Africa’s major regions, the estimates point to confidence levels in the Western Cape region as being higher amongst home sellers and repeat buyers. "Confidence is driven by a combination of economic performance as well as perceptions of regional management, while lifestyle also plays a role in location choice." FNB also stated that the Western Cape’s repeat buying has accelerated steadily since 2009, now dwarfing the net migration rates of the other eight provinces and it continues to be the preferred ‘semigration’ destination. "The percentage of sellers selling “in order to relocate to another region within SA bottomed at 6% of total selling early in 2009. Since then, this percentage has recovered to levels as much as 10% in the 1st and the last quarter of 2016. As yet, despite recent renewed economic growth slowdown, we have not seen any noticeable slowdown in the motive for selling."
The 'semigration' from inland regions, most notably Gauteng, has played a significant role in the rise of the Cape Town property market. Gauteng families are moving to Cape Town lifestyle estates and developments for the peace of mind and improved quality of life these estates offer. The advanced security features are similarly very attractive, whilst the sense of community these developments offer, the added great returns on investment and the geographic location of good Cape Town schools and other amenities also key drivers.
The added advantage for the buyer is that the Cape Town northern suburbs have a large array of suburbs with many different attractions, making the locations distinct from each other. Buyers are able to identify the development that suits their families needs without having to compromise on the essentials.
At Harcourts Dunn we've placed ourselves as the development experts in the northern suburbs, largely due to our impressive and extensive geographical footprint. With over fifty cherry-picked agents that are highly specialised and have world class training and advanced marketing strategies we take the marketing of development properties very seriously. Our track record displays the selling of many high profile developments in the northern suburbs and we stand by our reputation.