With an ever increasing footprint in the Western Cape property market, we came across this article by Private Property that is packed full of vital stats for potential property buyers in the Western Cape - and in particular - Noordhoek!
For some, your work may require you to semigrate, for others you've contracted the coastal fever and can't wait to sink your feet into some beach sand, whilst others may simply be looking for a good investment.
According to FNB's Regional Migration Trends report, the Western Cape continues to outperform other provinces in terms of its ability to attract repeat home buyers from other provinces and retain its own.
This north-facing Lake Michelle home with three bedrooms, three bathrooms and two lounges, boasting panoramic views of Chapman’s Peak, was sold for R3.2 million.
According to the report, the big four provinces (Gauteng, Western Cape, KwaZulu-Natal and Eastern Cape) have the lowest percentage of repeat buyers buying in other provinces, with the Western Cape having the lowest percentage of repeat buyers buying elsewhere, recording a total of 12.9% of its total repeat buyers.
Writing in the report, John Loos, FNB household and property sector economist, and Kutlwano Maphapho, FNB statistical analyst, explain that the 2012 level of repeat buyer outflows correlates broadly inversely to relative provincial economic performances over the prior five years (2007-2011), with the major provinces showing both the higher average economic growth rates along with the lower repeat buyer outflow rates.
