Although demand for property within close proximity of good schools is no new phenomenon, it’s less likely now that excellent state schools are found close to home. Thus the exodus from state to private schools in Cape Town is affecting property.
Although fewer excellent state schools, such as King Edward’s School in Johannesburg, Rondebosch Boys and SACS in Newlands remain, demand for residential property in these neighborhoods as well as that close to private schools is increasing leading to a shortage of good property to rent and to buy.
With our relocation business we are seeing a significant increase of clients looking to come to Cape Town with school age kids, the first priority is to find school places and the second is to find good property nearby to reduce the traveling time.
In the past we could shortlist up to eight properties for our corporate clients to view but now it can be as low as three. Rentals, particularly in private estates are rising and it’s difficult to get a four bedroom family home in a private estate in Cape Town for less than 35,000 Rand per month.
Demand patterns vary in certain geographic areas, as seen in the Southern Suburb of Cape Town where residents in Tokai and Constantia enjoy access to three different private schools. Strong demand, both for residential and retail property continues around exclusive private estates in this area.
Demand has outstripped supply to the point of new development at the top rated Steenberg Golf and Lifestyle Estate. This award-winning estate, as well as Silverhurst and Silvertree estates are not only located within close proximity of Reddam House and the US Embassy, but are also less than 1km away from The American International School.
Hout Bay is another area were we are seeing demand exceeding supply particularly within private estates due to the increased demand for its IB International School, we expect this situation to get worse when the new secondary IB school comes online in Jan 2014.
Our advice is to plan well ahead, at least 6 months, we would normally spend 3 months carrying out a detailed property search, whether its to rent or to buy.