RE/MAX Area Trend Report – Woodstock

Area history

Located to the east of the Cape Town CBD on the lower slopes of Devil’s Peak, the suburb of Woodstock boasts panoramic views of the harbour. The area where the suburb is situated was once inhabited by the Khoikhoi until the arrival of the Dutch settlers in the 1600s. In 1692, the Dutch established three freehold farms in the region and the area become known as Papendorp, after Pieter van Papendorp, a settler who arrived in the area during the mid-eighteenth century. After the railway line was built halfway through the nineteenth century, Woodstock became a popular coastal suburb featuring seaside cottages and beaches stretching to the Castle of Good Hope.  Although briefly called New Brighton, the area was officially named Woodstock in 1867 following a vote of the residents at the Woodstock Hotel.

3 Bedroom House for sale in Woodstock Upper, Cape Town

Following the subdivision of the old farms in area for low cost housing in 1870, Woodstock began to rapidly expand and attract large numbers of people. So much so, that by 1884, not even a year after becoming a separate municipality, Woodstock had become the third largest settlement in the country. Industry in the area began to flourish during the First and Second Anglo-Boer Wars as massive demand for supplies flowed in from the British troops. This changed the nature of the suburb as more and more industrial activity ensued. In 1879, the Woodstock Glass Factory was opened, manufacturing the first glass made on South African soil.

The loss of the beach due to land reclamation in the 1950s and the ever increasing industry in the area, led to the suburb moving away from its seaside resort status. In the second half of the twentieth century the lower parts of Woodstock became dilapidated however, following a program to rejuvenate parts of the area, Woodstock has once again become a popular area in which live and work. Woodstock has transformed into a vibrant urban environment with many trendy spots frequented by the locals. The area successfully blends inner-city living with a village-like atmosphere.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property market in Woodstock is largely driven by younger generation consumers who are looking to stay in a trendy inner city area. Goslett says that around 52.73% of recent buyers in the area are consumers between the ages of 18 and 35 years old. He notes that many young professionals have taken advantage of the fact that Woodstock offers relatively affordable semi-detached Victorian style properties, many of which have been completely restored or modernised.

Property in Woodstock consists mostly of freehold properties (84.77%), with the remaining 15.23% consisting of sectional title units. According to Lightstone statistics, from 2004 to 2008 property prices experienced exponential growth, cooling off only slightly in 2009. In 2010 prices once again increased in value and have continued to see a steady year-on-year growth ever since. Goslett says that the average price of a freehold property in the area is currently at a record high of R1.226 million, while the average price of a sectional title unit is around R705 000.

Seeing remarkably high property sales volumes in 2004, Goslett says that property sales experienced a steady drop in number until 2009, the area’s lowest sales volumes to date. However, he notes that from 2010 property sales have seen a gradual but solid upward trend.

Property price trends

Demand for property

According to Goslett, 39.8% of the properties sold in the area between October 2013 and September 2014 were priced between R400 000 and R800 000. Around 37.6% of the properties sold during this period were priced between R800 000 and R1.5 million, while approximately 15.5% were priced from R1.5 million to R3 million. Goslett notes that 5.5% of the property sold during this period were priced below R400 000, while 1.7% of property sold for more than R3 million.

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