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Average False Bay property prices inching towards the R2 million mark

Average sale prices for properties by the sea on Cape Town’s False Bay coastline are steadily inching upwards towards the R2 million mark.

While in 2013 the average sale price for the area was R1.3m, according to Western Cape Estate Agents property aggregation site, Propstats.co.za, in 2014 this price shot up to R1.8m.

Nevertheless, Steve Thomas, Lew Geffen Sotheby’s International Realty franchise manager for False Bay and Noordhoek maintains that while average sale prices in the area remain under R2m, buyers seeking affordable property will most likely find what they are looking for in areas such as Muizenberg, northern Simon’s Town, Glencairn and Glen Marine, and slightly further from the sea, Welcome Glen.

Thomas says, “The real value in these areas is to be found in the lower market segments.” He says that although the main buyers continue to be Capetonians and Gauteng residents looking for holiday homes, there has also been interest from European holiday home buyers for whom homes in the area present remarkable value compared to other coastal suburbs in Cape Town.

Listing times for properties have also improved over the last two years with properties taking an average of 121 days to sell in 2013 and just 117 days in 2014. “Homes in the False Bay area tend to sell fairly quickly when they come on the market at the right price; typically within a month when accurately priced.”

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty says that unlike the Atlantic seaboard’s property market, sectional title properties can still be found for under R1m within three blocks of the warmer False Bay waters.

“There are several sectional title developments in Muizenberg and surrounding areas and the prices are reasonable for young families buying their first homes. Considering the outdoor, healthy lifestyle this area provides, I’m continually amazed that properties on the False Bay coastline don’t sell faster than anywhere else in Cape Town.”

According to Propstats, in 2013 348 properties, including vacant lots, were sold in False Bay for R472m. Last year 363 properties were sold for a total of R683m.

Thomas says the property mix along False Bay goes from bachelor flat to “mini-mansions” that will often carry price tags of around R20m.

“St James tends to attract more mature buyers and we’re seeing greater numbers of young families moving into Muizenberg. These are all prime areas for investment as the money supply and conditions become more liquid, and the time to get a foot on quality but affordable seaside property ladder is now.”

For those who prefer to build their own homes or develop land, Thomas says the Glens and Simon’s Town areas offer many opportunities with a number of vacant lots available.

“At the luxury end of the scale, the areas in demand are the St James, Kalk Bay and Simon’s Town.”


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