FINDING A HOME FOR R1.5 MILLION IN THE WESTERN CAPE
Selecting a location that suits a buyers’ needs is a crucial component of the house hunting journey. Considering that desirable locations come at a cost, buyers will need to decide whether the location of the home will trump other factors, such as the size of the home and the features it offers.
When considering where to purchase, Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett mentions that the Western Cape has a wide array of options. “As within any major metropole, suburbs closer to the CBD tend to offer less square meterage for your money than suburbs further removed from the city centre,” he explains.
1) Apartment living in Sea Point & Bantry Bay
Buyers will struggle to find anything other than 1-bedroom studio apartments for under R1.5 million if they are searching in areas such as Sea Point and Bantry Bay. Currently, Hadi Ertinger, sales associate at RE/MAX Living, has a one-bedroom Hotel Suite listed for R1,150,000 in Bantry Bay. Other than these rare gems, properties in these areas start from around R2 million for one- or two-bedroom apartments.
2) More home for your money in the Northern Suburbs
For those willing to venture further, the Northern Suburbs provide a variety of excellent schools and there are many major shopping centres close by. “Though slightly removed from the city, it is easy to jump onto the highway to head in any direction. These suburbs are a mere 20-minute drive to the beach and the City of Cape Town (during off-peak traffic hours) and are also close to the airport. Many commercial nodes, offices and companies have made the Northern Suburbs the home of their operations, which is attracting more working professionals. Although these are mainly family areas, these suburbs also suit retirees,” says Caron Leslie, Broker/Owner of RE/MAX Property Associates.
She goes on the explain that in Protea Heights, property prices start at around R1.2 to R1.5 million. Within this price bracket, buyers can find two-bedroom apartments and townhouses with a floor size of around 75m2. In Durbanville, buyers can find two- or even three-bedroom homes with a floor size totalling around 65m2 within the same price bracket. In Brackenfell, buyers will mostly find apartments with a few freestanding properties. With prices ranging from R 1.2 to R 1.3 million in this area, buyers can find two- to three-bedroom homes with a floor size from 60m2 to 100m2.
3) Middle ground in Woodstock & Milnerton
For those hoping to move slightly closer to the CBD, Woodstock offers some good investment opportunities for those on a limited budget. “If you had a budget of R1.5 million, we would introduce you to trendy Woodstock. This up-and-coming suburb has beautiful residential properties, some of the top restaurants and cafes, the Old Biscuit Mill, and an amazing mixture of people. It’s a short distance from the famous Groote Schuur Hospital and medical university, as well as UCT. Only 10-minutes from town and easy access to all major roads, and the airport is just a mere 15-minute drive away,” explains John Rafferty and Veronica Hart of RE/MAX Living.
The pair currently has a one-bedroom, one-bathroom listing on the market for R1,295,000. The property is 53 square metres, with a small balcony, one undercover parking bay, 24 hr security access to a pool and braai area, plus a gym. Rates are R650 per month and levies are R1,450, making it the perfect starter apartment for young professionals.
Milnerton also offers affordable options to buyers who want to be closer to the CBD. Carol Whitehead of RE/MAX Living explains that a Studio Apartment with views overlooking the sea, lagoon, and Table Mountain will cost under R1.5 million. “While these long-established buildings don’t offer the same amenities of new developments such as indoor gyms, or laundromats, their excellent location makes them highly sought-after,” she says.
Wherever buyers choose to invest, Goslett offers a reminder that real estate is a long-term investment. “To ensure that buyers make good returns on their investment, I would recommend that they search for a home in a location that will suit their lifestyle for at least the next five to ten years,” he concludes.