Although it has been said before, it remains true that the Cape Town residential market ‘ploughs its own furrow’ and tends to buck the national property trends – even when consumer confidence is low and the outlook for the economy gloomy.
This was said recently by Rowan Alexander, director of Alexander Swart Property. Right now, said Alexander, his team is reporting a surge in demand and sales and the indicators are that this will continue for the foreseeable future.
Taking as an example the suburb of Durbanville in which Alexander Swart Property recently established an office, Alexander said that 17 properties for sale had been listed within ten weeks of the office opening and three sold within six weeks.
Asked if this “surge” which he detects in sales is being experienced by most agencies or just Alexander Swart, Alexander said that some agencies have lost stock to Alexander Swart and some have expressed fears of a slowdown.
“Nevertheless, all the indicators still point to the Cape Town Northern Suburbs, especially Brackenfell and such areas as Kraaifontein and Durbanville riding a big wave, with demand still tending to be well ahead of supply”.
“There is every reason to be confident,” he said, “and although caution in property is always wise, my advice, as always, is not to hesitate too long before making a buying decision. Those who delay their buy decisions in these areas are likely to find that prices are rising so fast that a year or two from now they even more difficult to meet.”