Buyers Attracted to Brackenfell - 11-18-08

November 18 - Despite the fact that the general property market in South Africa remains relatively weak, there are still pockets of locations where trade remains brisk between sellers and buyers. Brackenfell, on the Cape Town peripheries, is one of those locations and this area enjoys several advantages which makes it so attractive to buyers.

For one, Brackenfell has a number of good schools, making it a popular destination for families seeking to improve their children's education. Another reason why families choose Brackenfell is because of its location. Central to most areas in the Cape, Brackenfell is the perfect home base for commuters. "Brackenfell is also a popular choice among couples who have to commute to work in different directions as it keeps traveling time and cost reasonable for both partners," said Koti Steynberg, representing the RealNet Cape Gate property office.

So what does property in Brackenfell go for and what price ranges seem the most popular? Steynberg says that, currently, the most popular homes are priced in the R900,000 to R1.6 million bracket, while townhouses are also proving to be much sought-after, with prices ranging between R600,00 and R1 million.

If buyers are looking to invest in an apartment, prices begin at R300,000 for a one bedroom unit, while two bedroom units can go for anything from R450,000 to R600,000.

While it is obvious that no area in South Africa has been untouched by the tough new home loan laws and the reluctance of banks to approve mortgage requests, Brackenfell has come out relatively unscathed. While buyers have been more cautious than usual, Steynberg notes that "we have experienced a marked uptick since August."

"This can be possibly be attributed to renewed confidence among buyers thanks to the fact that fuel prices started coming down and the interest rate remained unchanged," commented Steynberg.