KUILSRIVER A GOOD OPTION FOR FIRST TIME BUYERS AND YOUNG FAMILIES
Category Property News
There are certain areas of Cape Town where prices have gone beyond the reach of the average young buyer who perhaps earns between R15 000 (on his own) to R30 000 (as a joint income with his partner or wife), but Kuilsriver homes are tipped by estate agent Brit Europa of IHPC as a good option if looking for a decent starter home.
The City of Cape Town average price at present is roughly R1,3 million whereas the average price of property, according to a Lightstone report for the last year, in Kuilsriver is R1,2 million for freehold property and R968 000 for sectional title. This report indicates that the majority of the market stock has been freehold property.
Averages, however, are not the only figures that should be taken into account, said Europa, as there are still properties that are priced below R1 million in Kuilsriver. In Bardale Village, for example, she said, there are units selling from R550 000 to R850 000 and in other parts of Kuilsriver, properties from R600 000 (for a two bedroom home with one bathroom) to R850 000 for a three bedroom home with two bathrooms and a garage.
Current demand is high for the more “complete” family home that has three bedrooms, two bathrooms and a garage with good security.
“Security in general has become a big factor to a home being sought after,” said Europa.
In cases where there is a combined salary of around R37 000 (the higher amount listed in the demographic range in the report) with perhaps R20 000 in cash to spare in the household, the family would qualify for a bond in the region of R1 130 757 (a monthly repayment of R11 100 at the current interest rate of 10,25% over 20 years).
Stable owners in the Kuilsriver area, according to Lightstone, are mostly 50 to 64 years old (46%), and there has been an increase in the last year to 54% of the recent buyers being between 36 and 49 years of age and 25% of recent buyers between 18 and 35 years of age. Most first time home buyers, said Europa, are generally in the mid-30s.
Kuilsriver is conveniently situated for those working in both the Cape Town CBD or Stellenbosch and the northern suburbs, in that is almost equidistant from all of these areas, something that is often forgotten. The amenities offered here are also a plus, particularly for families as there are both primary and high schools, major shopping centres and easy access to public transport.
There are a lot of enquiries in this area, and when homes are advertised, the response is almost immediate, she said.
Author: IHPC
