what property slump?
13 June 2008

With South Africans feeling the pinch from rising fuel and food prices, and the prospect of further interest rate hikes looming, there is increasing demand among home-seekers for properties that are affordably priced and situated either close to places of work or with easy access to major transport routes.

These criteria are well satisfied by the suburb of Brackenfell, situated in Cape Town's Northern suburbs where demand is on the increase.   Pam Golding Properties director and area manager for the Northern suburbs, Maureen Nel, says Brackenfell and its surrounding suburbs are regarded as a fast-growing, up-and-coming area, with good schools, easy access to shopping and sports facilities, and crucially, very quick access onto the N1 highway, offering ease of commuting to those who don't work in the immediate vicinity.

The area also offers excellent value for money, both for young professionals and married couples or for families seeking to grow into a larger home.  "It is still possible to obtain a two bedroom apartment for under R500 000, or two- or three bedroom townhouses for under R750 000," she says, "while a modest three bedroom house can be purchased for anything from R950 000 to about R1.3-million. For those with a larger family it is still possible to find a substantial home here with three or four bedrooms, multiple reception rooms, a swimming pool, garages, staff accommodation and even a granny flat all for R1.5-million to R2-million. This kind of value would be hard to find closer to the Cape Town city centre."

Nel says although there is much diversity within Brackenfell, the common thread remains affordability, excellent value for money and the wide range of property options which are available.

"At present we are seeing immense demand for homes in the R1-million to R2-million range," she says. "Buyers are looking for bargains and are prepared to bide their time, many even prefer to rent until they find the right home and the right price. But what is very telling is that once buyers have found a home in Brackenfell, they are reluctant to leave the suburb."

PGP's MD for the Western Cape metro region, Laurie Wener, says the wider Brackenfell area holds appeal for many different kinds of buyers. "Protea Heights, for example, is home to numerous townhouse developments, making it ideal for first-time buyers, but also has several retirement complexes and good schools nearby," she says. "There are even a few vacant plots available for owner builders, as well as older homes in need of renovation. Central Brackenfell holds huge appeal for families due to the presence of the local primary and high schools, as well as the Paarl School for the physically challenged, but it also offers numerous apartment complexes, ideal for investors and single, first-time buyers. Smaller flats and townhouses can also be found in Vredekloof and Vredekloof Heights, but these suburbs also have their share of larger and more upmarket properties with PGP recently having obtained the highest ever price for a residential property in Vredekloof at R5.5-million."

PGP is currently marketing a broad portfolio of homes in the Brackenfell area ranging from a R450 000 two bedroom apartment to a R4.29-million luxury home in Klein Bron Security Estate. PGP has 12 agents in the area with potential for more should demand continue to grow at current levels.

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