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O T H E R Sales due to financial pressure have slowed. PICTURE: RILEY EDWARDS/UNSPLASH
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Western Cape still a magnet
PROPERTY BUYING STILL UP ON PRE-PANDEMIC LEVELS HOME buying activity is undoubtedly slowing, although it is still above pre-pandemic levels, reveals the latest FNB Estate Agents Survey. Most of the Q3 2021 activity is due to “very active” buying levels in the affordable housing market – R250 000 to R500 000. FNB economist Koketso Mano says agent satisfaction with current conditions remains high. “Most agents were satisfied with conditions in the Western Cape, Gauteng and the Eastern Cape, but only half in KwaZulu-Natal. This follows the unrest that affected activity and confidence in KZN, which was also a factor that estate agents highlighted as a risk to future market activity.” Although FNB’s proprietary house-price data showed easing price growth – which reflects slower demand – in the R300 000 to R1.5 million segment, most estate agents expect general market activity to increase or stay the same over the next three months. The volume of sales due to financial pressure has also, fortunately, slowed closer to pre-pandemic levels. Of those who sell due to financial pressure, Mano says 58% will probably buy a cheaper home while 42% will rent.
The Cape appeals to semigrants from Gauteng and KZN. PICTURE: DAVID MARK/PIXABAY
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HE CAPE lifestyle with its scenic natural attractions, wide-open spaces and good schools, retains an emphatic stamp of approval from semigrants seeking a more appealing and healthy way of life. Annien Borg, managing director of Pam Golding Properties in the Boland and Overberg, says home buyers who are semigrating to the Cape Town area
tend to come mainly from Gauteng and KwaZulu-Natal but also from the Eastern Cape as well as elsewhere in the Western Cape. “There is no doubt that the lockdowns have contributed to this ongoing trend, as many people have re-evaluated their lifestyle and, further enabled by the ability to work from home, have decided to make the move.
“Here they can step out for a hike or, if in a coastal town, go to the beach. They have easy access to cycling routes, good restaurants and wine farms which offer open-air dining, food markets and plenty of children’s activities. “They can also enjoy the benefits of living in a close-knit community, with lots of activities for a newbie to join in and feel they belong,” Borg says.
WORLD HOUSING BOOM CONTINUES
Turkey is currently recording the highest growth in house prices. PICTURE: KONEVI/PIXABAY
PineworX will be located in the heart of Pinelands.
THE PANDEMIC-INDUCED housing boom continues with prices rising by 9.2% on average across 55 countries and territories in the year to June 2021. A breakdown by developed and developing economies, however, reveals a more nuanced picture, states Knight Frank’s Global House Price Index for Q2 2021. “Ten of the world’s developed economies averaged price growth of 12% in the 12 months to June, double that seen in key developing markets (4.7%). “Turkey (29.2%) leads the annual rankings but its rate of growth is slowing.” Several key economies, including New Zealand (25.9%), US (18.6%), Australia (16.4%), Canada (16%) and Russia (14.4%), also make it into the top 10, the report reveals. South Africa is in 41st position with price growth of 4.1%. In total, 18 markets registered double-digit price growth, up from 13 last quarter and seven a year ago. Only two markets saw prices decline in the year to June 2021 – India and Spain. “This is the lowest proportion of markets registering a decline in prices since the Global House Price Index commenced in 2008.”
New developments RABIE will be adding to its historymaking tally by developing the first apartment block that Pinelands has witnessed in 25 years. A modern mixed-use block, PineworX will be located in the heart of Pinelands, within walking distance of the Howard Centre, Pinelands High School and Pinelands Sports Club. Its home will be the erf on the corner of Lonsdale Way and Rose Innes Way, which has stood empty for many years. First owned by the City of Cape Town, the property changed hands a few times before Rabie’s acquisition of
it several years ago. PineworX launches youthful and refreshing energy into the calm suburb of Pinelands. With an edgy slant to its architecture, this new block of apartments will suit a diverse range of occupants, from those first entering the property market, to those scaling down to a more manageable living space. Due its central location in the heart of Pinelands, PineworX offers apartments highly suitable to those looking to work from home, while staying close to commercial services. “It’s an exciting and ground-
breaking first development for us in Pinelands,” says Miguel Rodrigues, director at Rabie. PineworX has five floors, with a commercial component on the ground floor, apartments from floors one to four and a communal roof terrace. Purchasers can make their choice between a studio, one-bedroom or two-bedroom apartment. Secure parking is available behind boomed access control, with a selection of open and undercover bays. The development will be completed in 2023 and is available for sale now.
