Presence of international school in Hout Bay driving residential sales in vicinity

The relatively new International School which opened its doors just three years ago (2012) in Hout Bay in the Western Cape has significantly impacted on the demand for homes in the vicinity, both to purchase and to rent, says Patrick Maingard, Pam Golding Properties area principal.

With nothing to interrupt the panoramic views across the ocean, this north-facing, grand residence in Llandudno is in arguably the best location in the area. It includes five bedrooms en suite plus a guest suite, entrance hall, spacious reception rooms and living areas, study, open plan office, balconies, fully fitted wood kitchen, high ceilings, laundry and six garages. This exceptional property is priced at R60 million through Pam Golding Properties.

“Situated directly opposite the suburb of Penzance, the school is already driving the local demand for houses and having positive spin-offs for residential property values,” he says. “Two years ago you would not find a property in Penzance over R3 million, with most homes priced below R2 million or R2.5 million. Recently however, a home in the area sold for R4 million, and R3 million is now the norm. We believe mainly because of the proximity of the International School, this suburb will soon become even more sought after, with further benefits for return on capital investment over the medium and longer term.”

The International School of Hout Bay offers an international curriculum and prides itself as a centre for academic excellence, based on the highest levels of contemporary educational practice. Providing three programmes of international education for students aged three to 19 years, the school belongs to two renowned international organisations spanning almost every continent of the globe – the International Education Systems and the International Baccalaurete Organisation.

Coupled with this, in close proximity to the International School is Kronendal Primary School, a Model C government school - highly reputable and with an excellent track record.

Says Maingard: “Fondly referred to by many locals as the’ Republic of Hout Bay’, the closer one looks at the Hout Bay area and community, the more it becomes apparent why many residents simply won’t consider living anywhere else.”

Renowned for its quaint fishing village ambience, array of eateries – including top South African restaurants such as the internationally acclaimed La Colombe and Kitima, Hout Bay has natural beauty in spades, being situated in an amphitheatre surrounded by mountains on three sides and the sea. As Maingard says, “there is simply no other place like it in South Africa”.

The innovative Hout Bay Market has received international acclaim, attracting all age groups and providing a safe environment family entertainment.  All this , and only 20 minutes from Cape Town city centre with a host of international offerings from theatre, culture and shopping centres to the V&A Waterfront and accessible international airport. The recent introduction of the MyCity bus service is already providing popular for commuting to schools in Camps Bay and to the workplace in the city.

Priced at R3.85 million and with beautiful mountain and ocean views, this immaculate and spacious three bedroom, two bathroom family home in Penzance in Hout Bay is marketed by Pam Golding Properties. North-facing, it enjoys an abundance of natural light, and has a large double garage plus additional parking for up to six vehicles.

“The diversity of lifestyle offered through a wide range of properties includes equestrian smallholdings, boutique wine farms, private security estates, freehold homes, luxury apartments with uninterrupted sea views such as One Chapman’s Peak, a retirement estate – Kronendal, as well as sectional title and freehold homes catering for first-time buyers from an entry level of R600 000. Developers are looking to capitalise on opportunities and there are at least two new private security estates currently being considered.”

Maingard says the growing desirability of Hout Bay is evident by the residential property sales recorded in the last few years. “Statistically, the property market bottomed in 2011, however since then there has been a steady increase in annual sales both in units and rand value. An encouraging sign for all property owners in our valley is the significant increase in sales value recorded in the last few years.”

In 2014 the total number of units sold was 300 at a total value of R890.887 million, compared to 274 units to the value of R713.684 million in 2013 and 213 units sold in 2012 to a total value of R593.9 million (PropStats). These statistics reveal an increase in units of 28.6 percent and 20 percent in value from 2012 to 2013, and an increase of 9.5 percent in units and 24.8 percent in value from 2013 to 2014.

Also of interest is that in 2014 73.7 percent of homes sold at prices below R5 million, 36 percent sold for below R3 million, while seven percent sold above R8 million.

This upward trend has continued in 2015 -in January and February the market saw an increase in unit sales of 22 percent and 18.8 percent in value, with 44 sales recorded at a total value of R154.285 million compared to 36 units to the value of R129.813 million in 2014.

In nearby Llandudno, some of South Africa’s most expensive homes can be found, with an entry level house price of R9 million and a current average house price of R14.2 million. “However,” says Maingard, the rise of the average price per unit from R10.8 million in 2013 to the current figure was influenced by one large sale in 2014 for R40.95 million – compared to the highest price of R21.995 million achieved in 2013.” Currently Pam Golding Properties is marketing a majestic Mediterranean home on the water’s edge in Llandudno for R60 million.

Adds Maingard: “The major attractions in Llandudno is its beautiful beach, magnificent views across the Atlantic Ocean, and the fact that there are no commercial properties and only one entry and exit point. A number of magnificent homes have been built in the area while all the older homes are slowly but surely being renovated.”

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