PROPERTY: Statistics Indicate Noticeable Migration to Western Cape
Recent Western Cape Business News
According to Pam Golding Properties, up to 40% of the buyers on the Cape Town Atlantic Seaboard in the high selling season are from Gauteng.
And, in a surprising turn, for a region that's showing its own property upturn, the warm seaside of KwaZulu-Natal is losing its denizens to the chillier waters of the Cape Peninsula.
"The KZN buying trend probably has to do with a perception of Cape investment value, and in some cases the need to house children studying at Cape tertiary education facilities," says Laurie Wener, MD of Pam Golding Properties' (PGP) Western Cape Metro region. September last year was marked by stronger than usual KZN presence in the Cape residential property market, a drift that's gaining momentum.
And, while the prize properties of the Atlantic Seaboard have always been a favourite with the moneyed migrants and foreign investors, it is the City Bowl that is experiencing an increase in buying interest from upcountry, with Gautengers in the forefront of those looking for a trendy pad in the shadow of the mountain.
"The coast is the traditional hunting ground of the home seekers from the north, but our central city is so unusually attractive that it's catching the eye of buyers who fancy a bit of an inner city vibe for their Cape base and a foothold in the market," says Basil Moraitis, PGP area manager on the Atlantic Seaboard and City Bowl.
In a shift from their traditional Cape preference, KZN buyers, who he says at one stage dominated the Waterfront market, are currently making a choice for Sea Point, which is once more in favour. PGP Cape Metro statistics currently show that in the summer months of the greatest market activity, about 40% of buyers on the Atlantic Seaboard and City Bowl are Gauteng buyers, and about 15% from KZN.
In the South Peninsula, PGP area manager Sandi Gildenhuys, says there is a wide variety of both local and out-of-town buyers. "But Kommetjie, Noordhoek and Fish Hoek are popular among Gauteng buyers, and interestingly, Simon's Town's arty vibe is very popular among returning expats."
The West Coast's buyers are predominantly from the Cape Town area and rest of the Western Cape, with a smattering from Gauteng and the odd KZN buyer. In the southern suburbs, PGP Constantia reports a strong demand from Gauteng buyers.
Statistics from March 2014 to February this year, covering the Western Cape metro and Boland and Overberg areas as a whole, show that while local Cape residents account for 87% of the market, Gauteng buyers take up 8% of the total, followed by KZN at just over 2% and Eastern Cape 1,15%. There is also a very small percentage from the other provinces.
Taking the Western Cape metro alone, the trends are very similar, being 87% local, 7,6% Gauteng, 3,31% KZN and 1,23% Eastern Cape, with a few buyers from other provinces.
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