These two areas in the Western Cape are killing it when it comes to property value

Is this the time to buy property? The suburbs of Noordhoek and Hout Bay in the Western Cape are exploding when it comes to property value.

The suburbs of Noordhoek and Hout Bay in the Western Cape are exploding when it comes to property value. Picture: Armand Hough/Independent NewspapersThe Western Cape property market has long been sought after, but finding an area that is on the cusp of new growth is something most property-seekers look for. CouldAccording to the latest Propstats data for Hout Bay, recent sales in the area show that the overall average selling price in Hout Bay now stands at around R5.1 million.

The average home price growth across the country is now below 1%, according to the latest data from the First National Bank House Price Index. It seems that Hout Bay’s property value is soaring when compared to the rest of the country.Hout Bay has picked up investors over the last few years due to semigration and the rise in remote work, according to data from Revo Property.

“And with expected interest rate cuts this year, we anticipate total sales for 2024 to potentially top the R1 billion sales by the end of the year,” he added.has seen exceptional growth in property value over the last three to four years.

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