Property buying trends in the Western Cape
Buying trends in the property market in Cape Town vary according to price bracket and area, but there are often some overarching themes to be found.
© Nolre Lourens – 123RF.com
“The easiest trend to spot at the moment is the flourishing low to mid-range price bracket,” says Nancy Todd, the Rawson Property Group’s Constantia franchisee. She attributes the amount of activity in this bracket, which includes properties up to R3m in areas close to Newlands and Constantia, to the growing number of young people realising the value of owning their own homes, and earning salaries that allow them to get their foot the market.
Lizette Joubert, franchisee at the Rawson Property Group's Paarl franchise agrees, having noticed similar trends in both Paarl east and Paarl proper.
“Mid-range in Paarl east is between R600,000 and R800,000 and mid-range in Paarl proper is R1.5m to R1.9m, so we see very different buyers in both areas. Nonetheless, it’s definitely those price brackets that are getting the most attention.”
Two distinct bands
Cape Town’s CBD is also experiencing the most demand in low to mid brackets, although those price-points are significantly higher. “We have two distinct bands of activity at present,” says Alisdair Crofton, franchisee at the Rawson Property Group's Cape Town CBD franchise. “The first is apartments under R2.5m - which doesn’t go far in the CBD and tends to be investment or student accommodation - and the second is family homes in the R6.5m to R12m bracket, which is our mid-range for that property type.”
All three franchisees report buyers’ most commonly requested features for houses to be a minimum of three bedrooms, two bathrooms and off-street or covered parking, with security playing an important role in all areas. “Levies are important considerations in sectional title properties,” says Joubert, “while freehold homes benefit from gardens with mature trees.”
“Swimming pools are also popular in summer, but are less of an asset when selling in winter. Street appeal remains vital all year round.” As for fittings and finishes, these are still essential - unless you’re marketing as a fixer-upper. “It’s possible to get unusually high prices for really great finishes in the southern suburbs,” says Todd. “Buyers fall in love with exceptional kitchens and bathrooms, but they do need to be area and price-appropriate.”
Deciding factor
Both Joubert and Crofton agree, with Crofton going so far as to attribute the deciding factor in a sale to the finishes, more often than not. Particularly popular elements are freestanding baths, walk-in showers and chef-worthy kitchens, but Todd emphasises the need for diversity in design, as not all buyers have the same aesthetic values. “It’s a good idea to consider your target market before doing any renovations. If you’re not sure what your typical buyer would be looking for, chat to a property expert in your area.”
Some good news for sellers with older homes who aren’t up for pre-sale renovations is that fixer-uppers remain popular. “We do have first-time buyers who are nervous of renovations, and high-flyers who don’t have time for that sort of thing, but there is a large proportion of the market that will jump at the opportunity to customise a home to their own taste.”
Regardless of the age or style of a property, an appearance of neglect can still be detrimental to a sale, and all three agents recommend some small cosmetic updates before listing a property in 2016. “Buyers are very wary of the potential for underlying problems caused by poor maintenance over the years,” says Todd.
