Examining the 2nd quarter 2016 FNB Provincial House Price Indices, we see the “flourishing” Western Cape region as the major region that has really “bucked the trend” in terms of average house price growth.
The province’s hard-earned reputation as well-run, and a place with the combination of significant economic opportunity plus good lifestyle, has boosted confidence towards it among certain property investors, while also attracting a strong net inward migration of repeat home buyers in recent years.
The strong net inward migration of repeat home buyers to that province doesn’t only directly impact the housing market due to this group’s demand for housing. This group of people also brings purchasing power and skills to the Western Cape region which may be transforming the province’s economy into the one with the fastest longer term growth. This could be a further boost for its already-pricey housing market.