Northern Suburbs Property In High Demand
Category Cape Town Property Market
The Northern Suburbs and the areas around the Western Seaboard have fast become some of the most sought after locations to call home within the Western Cape. This spike in semigration, coupled with increased market activity, saw Quay 1 brokers reporting an increasingly busy festive season.
Statistics show that the growing demand within the region started gaining momentum from June of 2020. This, in turn, sparked a large number of new developments which started coming online in Q4 of 2020.
What makes the Northern Suburbs so appealing to most semigrants and purchasers in general, is the charm of working from home in a tranquil and quiet neighbourhood, along with the secure family-oriented lifestyle the area offers.
According to a recent article from BusinessTech, Q4 of 2021 has shown increased activity. This demand for property across all market segments within the Northern Suburbs has flowed into January with no signs of declining. Furthermore, the article reported that property stock is starting to run low, suggesting a potential shift into more of a sellers market.
However, despite current optimism in the market, potential sellers are cautioned to be wary of taking a "sit, wait and hope" approach when it comes to house price increases as stimuli such as interest rate hikes, load shedding, and a depreciating rand can all have the ability to put downward pressure on activity levels. Therefore, a "strike while the iron's hot" approach should be taken into account when considering when to go to market.
2022 has got off to a busy start, with the Quay 1 International Realty team concluding over R95,000,0000 in gross sales over the last six weeks. We are hopeful that this year will attract a higher degree of stability which should bode well for sentiment and increase the likelihood of the market continuing to track an upward trajectory as the year progresses. We are however realistic and understand that this is by no means guaranteed in times where "expecting the unexpected" has become the norm.
Are you interested to know what your property is worth in this time of increased buyer activity? Please click the button below for a complimentary consultation with one of our area specialist brokers or generate a data-rich digital valuation.
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Author: Quay 1 International Realty
