We sat down with Tyson Properties Atlantic Seaboard Managing Director, Michael Bester, to get his view on why it’s never been a better time than now to take advantage of market conditions and buy on the Atlantic Seaboard. Watch the short clip below for more.
Why do people pay so much to stay on the Atlantic Seaboard?
- Position and location.
- Quick and convenient access to the mountain and ocean.
- Convenience and close proximity into and out of the city.
- Lucrative capital growth, making the return on investment excellent, despite the barrier to entry being price.
2 Bedroom apartment located in the exciting Silo precinct of the V&A Waterfront
What is the challenge when managing sellers expectations?
- Convincing sellers that the playing fields have changed.
- Foreign buyers are few and local buyers are inclined to invest offshore given the political and economic insecurity at present.
- Some sellers are still caught up in the pre-2017 market, semigration of Johannesburg buyers has all but dried up.
- Buyers don’t need to buy, but a value proposition needs to entice Buyers.
How do buyers take advantage of the current market conditions?
- A good buy in this difficult market requires a low level of risk.
- Buying in the Atlantic Seaboard offers a low risk opportunity in terms of real estate by virtue of the location and surrounding infrastructure.
- Buy with a long term mindset, one which sets out to hold the property for an extended time.
- Don’t think speculatively. Buyers must see a value proposition and buy well.
What price range would you suggest people buy in on the Atlantic Seaboard and why?
- There are amazing security estates in Hout Bay which offer modern and contemporary homes which can now be acquired for under R 7 000 000.
- Prices has dropped off from R 8 500 000 in 2016 making it affordable to own a family home in Private Estates such as Kenrock Estate, Berg En Dal, Tierboskloof and others.
- Modern 2 bedroom sectional title apartments in Green Green and Mouille Point can be bought for R 5 000 000.
- Family homes in Camps Bay are now within reach of Buyers who in 2016 could not enter this luxury market.
Get in touch with Michael Bester and the team at Tyson Properties Atlantic Seaboard.
Contact: 021 434 0615
