Factories, not fish, now the lure for West Coast house hunters

Property demand in the former fishing villages of the Cape West Coast is increasing in line with continued industrial development and prices look set for an even bigger surge.

The Cape West Coast property market is the strongest it has been in 15 years – and getting stronger as big business and industry continue to flourish here, says local Chas Everitt International principal Kobus Potgieter.

“The economy of the West Coast, which was once driven entirely by the fishing industry, is now all about other industries,” he says. “As a result, we’re experiencing a year-on-year growth in house prices along the whole coastline from Yzerfontein to Velddrif – and development is not expected to slow down in the near future.”

For example, Saldanha Bay, which was identified by the government as a Strategic Integrated Project in 2012, has already received significant investment for infrastructure development from both the public and private sectors. As an oil and gas servicing and marine repair hub, the new Saldanha Bay Industrial Development Zone (IDZ), which will be fully operational by 2021, is expected to create more than 21 000 jobs.

“The property sector has already experienced significant growth in anticipation of the Saldanha Bay IDZ,” says Potgieter. “In Yzerfontein, 70km away from Saldanha on the R27 on the Cape Town side, you’ll struggle now to find a 250m² house for under R2 million.”

Property prices in Langebaan, 50km up the coast, and in Jacobsbaai, yet another 20 minutes’ drive away, aren’t far behind those of Yzerfontein.

“The same size house will cost you between R1.5m and R1.8m in these villages and in St Helena Bay and Velddrif, where you could still buy a house for R850 000 last year, you’ll now pay between R1.2m and R1.5m – unless it’s on the beach, which will cost at least R5m.”

While the buyers of a few years ago were largely Capetonians wanting weekend retreats, these days they’re almost all buying with the intention of becoming permanent residents.

“Young families are streaming into the area. Nine years ago, Curro Langebaan, a private school on the West Coast, had no more than 200 pupils. Today it has over 1 000.

“There are also many buyers from upcountry who find West Coast property prices easier to stomach than those of Cape Town. Many of these people work in the northern suburbs and don’t mind the 70km commute to Table View or nearby suburbs.”

Unsurprisingly, there has been considerable commercial development in the area in response to the influx of newcomers, says Potgieter.

“The Weskus Mall in Vredenburg has been substantially expanded and there’s a major upgrade in the pipeline for Langebaan’s Laguna Mall, with two new anchor tenants, a 3 000m² Checkers and a Woolworths Food Store, opening in the centre.”

He says the West Coast also offers excellent opportunities for buy-to-let, and this will intensify as demand rises, along with the employment opportunities created at the various new industrial and commercial developments.

“Rentals have increased dramatically in the past year and a two- to three-bedroom house on the West Coast can now be let for at least R15 000 a month – if you can find one.”

Where else in the Western Cape can you buy a beachfront home for R5m?

This water’s-edge luxury apartment in a complex in Shelley Point, St Helena Bay, is for sale for R12 million. The property includes two one-bedroom suites and three two-bedroom apartments.