Northern Suburbs property market shows no sign of slowing down
The Northern Suburbs property market continues to see high sales volume activity across all price brackets of the market in 2022.
What started in 2020 as a buoyant property market under the R2 Million price range has quickly overflowed into the R3-5 million bracket, where activity levels have shot through the roof this year. Both semigrant and local purchasers are driving the current spike in activity levels.
Many Northern suburbs homeowners have been asking what factors are drawing semigrants to the area? Apart from the breathtaking scenery and quality of life, it has been noted that the Cape Town Municipality has earned a good reputation for being well-run, providing solid infrastructure, maintenance, security, and investment which is fuelling property demand.
From a local purchaser perspective, now that many companies have provided employees with the ability to work remotely, purchasers have the flexibility to consider suburbs outside of the CBD. Ones that offer more of a suburban family orientated lifestyle, hence the Northern Suburbs has become a significant area of interest.
As a result of the spike in semigration, Northern Suburbs areas have enjoyed a surge in demand across most price points. In the first quarter of 2022, properties sold roughly 20-30% quicker than in the first quarter of 2021. The last time the market experienced such a notable increase was in 2015 when the property market turned sharply from a buyer's market into a seller's market.
With low inventory levels prevalent across the board, Quay 1 International Realty's area specialist brokers have been experiencing high purchaser demand for all areas within the Northern Suburbs.
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