Private Property chats to Paul-Roux de Kock, Data and Analytics Director at Lightstone, to learn more about the best performing property hotspots in the Western Cape.
Marc:
Hey so I’m here with Paul from Lightstone Property, these guys are the data guru’s on what are the hotspots in South Africa in terms of property investments. We’re going to ask him a couple of questions about the Western Cape.
Marc:
So tell us about the hotspots in the Western Cape?
Paul:
So what we found this year, which was quite interesting and different from last year, is that if you look at the average price on the most expensive suburbs, it's all the big boys that come up: the Clifton area and Fresnaye uh, and those ones. But if you look at the ones that experienced a lot of price growth, it is the suburbs that's a bit further out, not as close to the City Bowl than what it used to. And even in the Western Cape, a lot of them are in places like Plett and Groot Brak instead of in Cape Town itself.
Marc:
Very interesting. So why those suburbs?
Paul:
So I think what happens is that in the past couple of years, five or six years, the area around the city bowl exploded, the area around the Atlantic seaboard exploded, so people are now looking for more value. And I think as HR practices and technology advancements give more people the opportunity to work decentralized and not in the city, those kind of properties start realizing their value. I think we'll see more of that as we get self-driving cars and virtual offices and more open-minded HR practices going on.