There is a bit of a shitstorm brewing over at the Dan Nicholl owned online publication, iafrica.com. The comments section is going ballistic as readers are attacking each other (and the story’s author) over whether or not Parklands neighbour, Blouberg, is the next Clifton.

It’s pretty hectic. And amusing.

Check out this excerpt and then head on through and check out the comments.

The next Clifton?
Wed, 10 Jun 2009 07:24

Blouberg, an area in the Cape renowned for its great views of Table Mountain and still relatively affordable property, seems to be chartering a course towards the top rung of the property ladder.

 

Table Mountain from Blouberg
Taken on a windless day

 

Taking a closer look at the property market, Fanie Lategan, principal of Chas Everitt Western Seaboard, says that while sales are down on last year the market is still buoyant compared to other areas of Cape Town. “The challenge,” he says, “lies with the banks’ strict credit policies meaning only about one third of home loan applications are approved.”

The rental market in Blouberg is extremely buoyant. “This,” says Lategan, “is due to the fact that people are struggling to get bonds, which is forcing them to rent rather than buy.” He says rentals between R3000 and R5000 per month are in high demand, with homes closer to the beach renting for about R10 000 per month.

Deon Lessing, marketing director at bond originator Betterbond, agrees with Lategan saying originators are also experiencing difficulties even though they are working hard to get bonds approved. “But,” says Lessing, “it is encouraging to note that the number of bonds granted by the banks is on the increase, with the ratio between bonds submitted and bonds granted steadily improving.”

Average selling prices for Blouberg property on the other hand range from around R900 000 in Parklands to R2-million in Big Bay. Lategan says entry level prices are still below R500 000, but some properties close to the beach are on the market for R20-million plus.

“The contraction of the market has once again brought about more apparent value for investors and buyers,” says Lessing who goes on to say that value can still be found in the market and excellent property opportunities await the astute investor.

Factors that are set to stimulate the Blouberg market even further, in Lategan’s view, include the rapid transport system currently being rolled out in the area, which he believes will have a significant impact on area and…

[read more here]

Aah, Cape Town real estate… everyone’s an expert..

Read the rest of that article and check out the comments here.

[thanks jase]