Outlying CBD suburbs are getting younger
Category Cape Town Property Market
2022 has seen an influx of young professionals and first time home buyers flooding into the outlying CBD suburb areas. These buyers bring a keen interest in both the full title and sectional title segments of the market.
The increase in demand amongst the 25 - 40 year old bracket can be attributed to the area's convenient location, access to public transport, major highways, artistic flair, and low-interest rates which are fuelling affordability.
Woodstock and surrounds are still currently seen as a slightly more cost-effective place to live than the likes of the City Bowl and Atlantic Seaboard. However, this is quickly changing, with properties rarely selling for under R 1,000,000. This notable increase from just 5 -7 years ago when it was commonplace for sectional title properties to trade at around the R500,000 range.
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 in the region.
Interested to know what your property is worth in the currently buoyant market? Please click the button below for a complementary consultation with one of our area specialist brokers or to generate a data-rich digital valuation.
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Author: Quay 1 International Realty
