Yes, there’s no denying how expensive property is in Cape Town.
But it’s not all gloom and doom for first-time homebuyers, because, believe it or not, there are a number of affordable suburbs in the Mother City where you can pick up a home for less than R1,5 million.
You’ll be hard-pressed to find a property for less than R1,5 million in the city’s southern suburbs and the City Bowl and Atlantic Seaboard are certainly out of the question, but Cape Town’s northern suburbs and Western Seaboard offer a plethora of options.
RICHWOOD, BOTHASIG, BURGUNDY ESTATE
Located near the Table View, Milnerton and Blouberg suburbs, you could buy a home in these three suburbs for anything between R1 million and R1,3 million.
An apartment in Burgundy Estate goes for R1 million.
Errol King, a Rawson Property Group Muizenberg franchisee, says you can pick up a home for as little as R500 000 here, making it an ideal suburb for first-time homebuyers.
He says the suburb is still plagued by an old stigma created when the neighbourhood went through a period of neglect, but in recent years, there’s been significant development in the area which is turning things around.
“Some people still associate it with overcrowding and rundown buildings, but the reality is very different these days. There has been a huge amount of development over the last decade and there is now a great selection of lovely entry-level properties available, as well as beautiful homes in higher price brackets for the upwardly mobile,” says King.
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Having undergone a renewal in recent years, property prices in Observatory are on the rise, but for now there are some semi-detached homes you can buy for under R1,5 million, but it might need a little work.
“Prices have risen substantially in the last year and there are fewer options these days in the under R1,5 million price range, but if you don’t mind a semi-detached cottage or a small house that needs some TLC, and you don’t need off-street parking, there are definitely options available in Observatory,” says Craig Gifillan, a Rawson Property Group franchisee in Observatory.
Conveniently located, Observatory is a suburb in high demand, particularly among first-time homebuyers.
Another high demand area for first-time buyers, these suburbs situated along the Western Seaboard offer a wide variety of townhouses that range from just above R1 million to R1,5 million.
BRACKENFELL, KRAAIFONTEIN, KUILS RIVER
While these suburbs are located further adrift from the city centre, they offer the best value for money, with property prices starting at around R500 000 for a flat and just under R1 million for a house in Kuils River.
In Kraaifontein, the average apartment starts from R650 000 and spacious homes from R850 000, while homes near Cape Gate Mall start from R1,4 million.
Apartments are a popular commodity in Brackenfell and as a result, they can be slightly more expensive, starting from R750 000, while you can pick up a townhouse for R1,5 million.