Bantry Bay and Fresnaye property market prospers

It is boom time again for sellers in the neighbouring suburbs of Bantry Bay and Fresnaye according to Seeff agent, Lance Cohen.

“Since 2009, demand has built steadily in these two areas, particularly favoured by family buyers and professionals. Luxury homes are now also selling well and, on the whole, within about 10 percent of the list prices,” he says.

Aside from sweeping vistas of the Atlantic Ocean as far as Table Mountain and Robben Island, the suburbs are sheltered from the prevailing winds. They are minutes from Camps Bay and Clifton beaches, the V&A Waterfront and a number of private schools.

According to Propstats data, properties worth almost R950 million have been sold this year, compared to just under R800m last year and R545m in 2005.

Cohen says that despite the challenging economic climate, the average sales price in the two suburbs has climbed year-on-year ensuring that they remain in the top five most valuable investment hot spots in the country.

In 2005, the average price for Bantry Bay was R5.4m, and it’s now R8.6m. Fresnaye meanwhile started with an average price of just R3.5m five years ago and this has increased to R11.3m.

Already this year, 11 homes priced at over R20m were sold this year in the suburbs – the highest price in Bantry Bay was R42.5m and in Fresnaye it was R65m.

In the two most sought after roads, Ocean View Drive and Top Road, properties worth R761m were sold over the last five years and the average freehold price is about R18m, says Cohen.

“Although there are still a few houses priced below R10m, prices in Ocean View Drive now range well into the upper millions. We are marketing a Bantry Bay home for just under R60m and, in Top Road in Fresnaye, a Stefan Antoni design, La Grande Vue, is for sale at R32m.

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