When it comes to property for sale on the Cape West Coast, Harcourts Managing Director Richard Gray asserts that development of the commercial development sector (IDZ) at Saldanha will have a constructive effect for the local residential market.
"The industrial stimulus from the investment in energy will have a positive effect on property for sale right across the Western Cape, and for Cape Town in particular", says Gray. With the mining and energy investment resulting from the commercial development zone, Gray claims that eventually the regions economics will be underpinned by energy, and this could attract a completely new set of business to the region, each one of them employing staff who will be desiring to buy property for sale.
"For the next 20 years or so it can be anticipated that the IDZ will be a massive business driver, and the resulting prices received for property for sale will reflect the clamor for housing from the energy sector. " Gray continues, "Harcourts is fielding enquiries from potential investors who see that property for sale in the Western Cape is an expansion industry because of a deficit in residential housing stock. Financiers are asking Harcourts, where they can buy property for redevelopment, many backers are taking a look at property for sale with a view to a buy-to-let investment opportunity. "
When questioned about the sort of homes which will most likely be in demand, Gray says the kick off point for many backers is higher density housing units, "In expectation of young, skilled workers seeking accommodation, investors are looking for development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray claims the banks are on-side for investors and first home purchasers on the Cape West Coast, "Recently the banks have eased their lending conditions when referring to property for sale where a customer has a good credit history, and also by allowing lending to a higher proportion of a property value. "
The initial impact on property for sale in Western Cape where banks have eased their lending terms has been an increase of activity in medium priced houses, Gray claims that Harcourts has seen a trend where existing home owners are upgrading to a bigger or better property. "In the short term, the effect on residential property for sale on the Cape West Coast has been a market correction, whereby home owners judge the time is correct to upgrade their home, however we have not seen much activity at the upper end of the market where activity around property for sale north of R20m has remained stable. ".
"The industrial stimulus from the investment in energy will have a positive effect on property for sale right across the Western Cape, and for Cape Town in particular", says Gray. With the mining and energy investment resulting from the commercial development zone, Gray claims that eventually the regions economics will be underpinned by energy, and this could attract a completely new set of business to the region, each one of them employing staff who will be desiring to buy property for sale.
"For the next 20 years or so it can be anticipated that the IDZ will be a massive business driver, and the resulting prices received for property for sale will reflect the clamor for housing from the energy sector. " Gray continues, "Harcourts is fielding enquiries from potential investors who see that property for sale in the Western Cape is an expansion industry because of a deficit in residential housing stock. Financiers are asking Harcourts, where they can buy property for redevelopment, many backers are taking a look at property for sale with a view to a buy-to-let investment opportunity. "
When questioned about the sort of homes which will most likely be in demand, Gray says the kick off point for many backers is higher density housing units, "In expectation of young, skilled workers seeking accommodation, investors are looking for development opportunities where there is property for sale within a commutable distance from industry locations. "
Gray claims the banks are on-side for investors and first home purchasers on the Cape West Coast, "Recently the banks have eased their lending conditions when referring to property for sale where a customer has a good credit history, and also by allowing lending to a higher proportion of a property value. "
The initial impact on property for sale in Western Cape where banks have eased their lending terms has been an increase of activity in medium priced houses, Gray claims that Harcourts has seen a trend where existing home owners are upgrading to a bigger or better property. "In the short term, the effect on residential property for sale on the Cape West Coast has been a market correction, whereby home owners judge the time is correct to upgrade their home, however we have not seen much activity at the upper end of the market where activity around property for sale north of R20m has remained stable. ".
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