Housing affordability is a major issue for first time buyers in Cape Town, but there are some neighbourhoods where property is available for under R1.5m.
There is no reason to despair about Cape Town property prices if you are a first time home buyer because Seeff’s agents can recommend a number of areas where you can find a fabulous lifestyle for around the R500,000 to R1.5m price mark.
Seeff chairman, Samuel Seeff says it is a great time to buy a house, especially if it is your first house. The latest data from FNB and ABSA shows that more housing loans are granted and by using the services of a mortgage originator such as Ooba, your chances are even better to get a home loan, provided you meet the affordability and credit score criteria.
Although buyers have to contend with higher costs due to petrol price hikes and the recent VAT hike, the interest rate drop at least aided a little in making homes more affordable according to Seeff who says that while Cape Town seems pricier for first time buyers compared to Johannesburg/Pretoria and other areas, there are still many neighbourhoods that offer accessible pricing in the R500,00-R1.5m range, yet with the same access to excellent amenities and good schools.
Richwood, Bothasig and Burgundy Estate
Richwood, Bothasig and Burgundy Estate for example offer plenty below R1.5m. The areas have easy access to the N7 and N1 and are close to the Table View, Milnerton, Blouberg and Century City areas making them sought-after options for budget-conscious buyers according to Johan Jacobs, Seeff licensee for the areas.
In Bothasig and Richwood, you can find a house in the R1.3m-R1.5m price range while Burgundy Estate offers apartments from R1m, houses from R1.8m and rentals from R8,500/month. For just R1.69m, you can get a property with stunning sunset views and luxury extras such as a built-in braai, high-end finishes such as a Smeg Oven, blinds throughout and two basement parking bays.
This is a fabulous security estate, says Jacobs. If offers stunning views and a lifestyle in a secure environment with plenty of green areas, sport fields, mashie golf, a clubhouse with tennis court, canoeing pond and trails for walking, jogging and cycling.
Mitchell’s Plain, Capricorn Beach Estate and Costa da Gama
Cape Town’s South Eastern Suburbs also offer great affordability according to Gary Grobbelaar, CEO for Seeff False Bay and SE Suburbs. Mitchell’s Plain for example offers excellent small houses in the R500,000-R900,000 price range.
Adjacent to Muizenberg, at the bottom end of the M5, you will find Costa da Gama and the Capricorn Beach Estate, both offering excellent affordability, he says. Capricorn Beach Estate offers several developments with a mix of apartments and townhouses in a secure setting with play parks for children, two swimming pools and a walkway to the beach. Prices range from around R1.2m for a small two-bedroomed home in the estate.
Costa da Gama also includes a number of developments such as Villa d’Algarve, a beach front estate where you can buy a three-bedroomed ground floor apartment for R1.2m according to Seeff agent, Paul de Roos. Sunrise Villas offers a temperature controlled swimming pool and apartments in the R850,000-R950,000. A little further back, you can find a three bedroomed home for R1.3m in Cannon Island Villas.
The area offers excellent facilities including the Capricorn Shopping Centre for conveniences as well as access to the Southern Suburbs.
Brackenfell, Kraaifontein and Kuilsriver
Karla Coetzee, Seeff’s Manager for the Brackenfell, Kraaifontein and Kuilsriver areas says that although it is a bit of a commute to the city and beaches, it is well worth it for the price paid per square meter.
These northern suburb areas offer a laid-back, family-conscious lifestyle with affordable, yet spacious apartments and homes near popular schools. Add to that, good access to the N1 and taxi, bus and rail services around every corner. Aside from all the excellent conveniences, you can find great sports facilities. Some homes also offer beautiful views of the Winelands.
Prices start at around R500,000 for a flat in Kuilsriver (St Dumas) and upwards of R980,000 for houses (Highbury and Hagley). Kraaifontein apartments start at R650,000 (located in well-known estates) and spacious houses from R850,000 (Belmont Park, Peerless Park East and West) while homes near Cape Gate Mall start from R1.4m. Brackenfell flats are popular therefore they range from R750,000 and townhouses at R1.5m.