Turning tides - Sellers' market on the Western Seaboard
Cape Town's Western Seaboard is fast becoming one of the most sought-after destinations to call home. Aspirant buyers are eager to pack up their belongings and move to area codes such as Blouberg and Big Bay. With property prices in the area averaging at roughly R1.9 million, one could say that it's a reasonable price to pay when making the comparison to other areas within the Western Cape that also enjoy the incredible vistas and the accompanying lifestyle these areas offer.
Ever since the stock shortage owing to the hard lockdown which began in 2020, these areas have been in high demand. Experts anticipate that the inventory of property in the said areas will increase as travel resumes due to easing restrictions. Generally speaking, in prime locations on the Western Seaboard -- properties such as beachfront apartments with empecible views -- will fetch between R2.5 and R10 million on the upper end, making it appealing to a broad segment of buyers. These properties are primarily sought after by investors, purchasers looking to move away from the City, as well as, holiday home buyers.
With the suburbs along Cape Town's Western Seaboard constantly making up the top five best-performing regions within the Cape, it's no secret that the Western Seaboard has some of the best average return on investment (ROI) properties and is one of the fastest growing residential areas within South Africa as a whole.
According to Property 24 trends, Blouberg currently has 720 new property listings and, with properties fetching +- R1.9 million on average one could expect these to be snapped up quickly over the warmer months.
The Quay 1 brokers specialising within the Western Seaboard have noticed a strong demand from purchasers up north -- Durban and Johannesburg -- which is fuelling robust demand in the middle-to-upper price range. Our average selling price over the past 2 months is R3 337 500 and we've maintained an impressive 99% of asking price for our sellers.
Quay 1 area specialist broker in the Blouberg area, Nic Morkel, says that "foreign buyers are also slowly starting to play a role again in the area. These purchasers are typically buying cash and are not as price sensitive as local purchasers. Last week we had several sales over ZAR 4,000,000, one of which was a foreigner that came through our Quay 1 International network, and purchased for ZAR 5,200,000 cash making it the highest priced property per square meter within the immediate area."
Should you wish to take advantage of this window of opportunity in the current market to achieve a top price, or alternatively, if you are interested to know what your property's currently worth is, click on the button below to generate a digital valuation.