I was sent an article about more Gauteng residents semigrating to the Western Cape than ever before, and it really resonated.
Semigration is not a new fad – the word Gautonian is widely accepted. Even Durbanites and East Londoners are relocating to our incredible city.
Before the previous municipal elections in Aug 2016, there were numerous out of province buyers – probably made up 30% of the buyers at that time – which promptly stopped after great election results were achieved in up-country provinces.
Enter the Covid-19 pandemic and the lockdown forces the whole world to resort to remote working, probably fast tracking the process by 5 years. A little ligthtbulb came on – If I don’t need to go into the office, I can live wherever I want – and Cape Town sounds like a great plan!
I agree with their sentiment that larger homes are sought in order to accommodate the extended family and work from home space. The other non-negotiable is stable & fast internet connectivity.
Our Deep South area is attracting a lot of attention because of the relaxed lifestyle, good schools, natural beauty and a low crime rate. Coming from mostly security estates, our Gauteng counterparts are finding the lack of enclosed suburbs a bit of a scary thought, although they will soon realize that even though we live in the same country, it is worlds apart.
The exchange rate of Cape Town is a bitter pill to swallow for Semigration buyers, as their properties have sold for much less money and offered a lot more value per square. This is however not dampening their spirits, maybe just a couple failed offers to prove the resilience of our market in the gorgeous South Peninsula.
This additional influx of buyers are competing with regular buyers, which means the days on market is decreasing. Thus the severe buyers market we experienced this time last year (with around 14 months worth of stock) has turned to a balance market, were well priced properties below the R3million mark are selling much faster. Great news if you are a seller!
Talk to us if you or anybody you know, has been thinking of selling…
Original article - Click here
Very interesting Lindi thank you for thinking of