What you need to know about the property market in Worcester, Western Cape
Category Seller Advice
With its flourishing property market, the town of Worcester in the Breede River Valley of the Western Cape is one of those rare finds: picturesquely beautiful yet quiet and quaint. It offers so much that you may never want to leave.
For those looking to buy here, there are a few things to know before you start your search for that dream apartment or forever home.
There are very few cost-effective lock-up-and-go units in comparison to more spacious homes, even though the demand for affordable homes is massive. If you're a first-time buyer, this might mean that you have to increase your budget if you have your heart set on owning your own piece of Worcester heaven.
It's tremendously good news for Worcester property owners, especially those who own property worth R1 million or less. If you've ever thought of selling your home, now is the time to seriously consider it.
Here's what you need to know about buying and selling in Worcester, South Africa right now:
1. Worcester WC had a good market for larger, well-kept homes
NS Property Solutions Worcester team leader Moyra de Lange has found that many homeowners in the town are upgrading to properties in sought-after areas such as Langerug, Paglande, Fairway Heights and Panorama. This is due, in part, to low interest rates in 2020, which makes borrowing less costly and allows more people to qualify for substantial bonds.
This means that owners of well-maintained properties in popular areas have a good chance of selling their homes quickly for a great price.
If you live in a sought-after area of Worcester, take good care of your property investment and are thinking of making a change, you should definitely find out what you can get for your home.
You can reach out to us for a free property valuation or speak to one of our experienced agents in the area.
2. The demand for affordable properties in Worcester ZA is MASSIVE
Significant demand exists for homes under R3 million as potential first-time homeowners are drawn by the charm of Worcester and all it has to offer. Lower interest rates are also fuelling this buying spree.
Properties of R1.5 million or less sell fast, pointing to a golden opportunity for Worcester homeowners who want to sell their property quickly and easily.
"Almost 80% of potential homeowners we speak to qualify for home loans of under R1 million, but without a supply of properties in this price range, the demand for affordable homes can't be met at the moment," explains de Lange, who leads a power team of agents in the town.
Apartments in Worcester are also few and far between. Not only that but since 2015, the price of sectional titles has increased considerably.
3. New Worcester developments offer convenience but little natural beauty
There is some good news for those looking for smaller, more affordable homes though. New developments to the west of Worcester have several options to consider.
Buyers also benefit from the convenience of transfer costs being included in the price of homes.
New developments are best suited to buyers looking to start their property journey in Worcester with the aim of upgrading to more established properties as these are not always ideal for families that enjoy a garden and a bit of natural shade to escape the summer sun.
This is because newly developed areas typically don't have the same amount of greenery and lush trees as more established areas. If you're a sucker for the outdoors, then you definitely need to consider the implications of living in a new development.
Whether you're taking the first step in your property journey by buying in a new development, or you're ready to sell your first house and invest in your dream home, Worcester is without question a great place to do so.
Want to learn more about Worcester? Read our article on this beautiful piece of the Western Cape here.
Author: NS Property Solutions