Small West Coast towns and villages have seen a strong shift in sales activity with the migration of wealth seeing prices of up to R5 million with up to R8 million being paid for luxury homes in Langebaan, according to Seeff Property Group.

People working or with businesses in Saldanha and Vredenburg are opting to settle in areas such as Langebaan which has boosted its property market with transactions worth over R1.3 billion recorded for the twelve months to the end of September 2024, according to Lightstone whose data also shows that the West Coast property markets boomed during the 2021/2022 period resulting in notable growth in median prices over the past five years and doubling in areas such as Yzerfontein and Paternoster. Areas such as Langebaan, Malmesbury, and St Helena have also enjoyed a notable uptick.

Most towns experienced growth of 60% to as much as 107% and even 196% over the past ten years.

Yzerfontein currently boasts the highest average transaction price of R3.1 million followed by Langebaan at R2.3 million. Jaco and Tracey-Lee Coetzee from Seeff Langebaan note that correctly priced high-end properties are still attracting buyers. The highest demand is now in the R1.5 million to R2.9 million range, including new developments, according to the agents.

The rental market is also very active, according to Mariska Le Roux and Mariszka van der Linde, from Seeff Langebaan. The average rental is between R10 000 to R12 500 for small properties, and R16 000 to R24 000 for three-bedroomed properties. Estates and high-end suburbs range between R25 000 to R30 000 per month.

The Yzerfontein market is quite seasonal and is expected to pick up again, say Michelle Livingstone-Louw and Nelia Retief, from Seeff. There is no less demand for high-end properties, and land in view of the high prices, and slower market. Rentals are always in demand in Yzerfontein which often exceeds the supply. Rental prices range from around R12 000 (apartments) to around R30 000 at the top end for a luxury house.

Paternoster is also not priced at the higher end with a median price of R1.9 million. Saldanha, Vredenburg and Malmesbury tend to offer more affordable prices, and attract younger buyers including families. Buyers in Yzerfontein, Langebaan, and St Helena Bay tend to be mostly older, comprising a mix of holiday and retirement buyers. Although a low turnover area with only about a dozen sales annually, most recent buyers (77%) in Elands Bay were over fifty.