Higgovale now in the country’s top five suburbs

Higgovale, the small and exclusive suburb in the City Bowl now ranks in the country’s top five suburbs according to the latest Lightstone data.

The suburbs of Devil's Peak, Vredehoek, Oranjezicht and Higgovale are in the foreground

With its average price up by over 50 percent to R10.6 million in just two years, it is outranked only by Clifton, Bantry Bay and Bishopscourt in the Cape and Sandhurst in Johannesburg.

Home to only about 225 freehold homes and about 88 apartments, this small residential node has become one of the most exclusive addresses in the country, and buyers are now prepared to pay well into the upper millions for a home here, according to Seeff agents Talitha Finkay and Michele Apperley.

“The City Bowl has evolved from one of the toughest markets some five years ago to become one of the most sought-after and valuable in the city. This is testimony to the impact that regeneration has on the demand and value of property in an area.

“Some 10 years ago, buyers looking for a suburban home would have opted for the southern side of the mountain. Today, Higgovale is a suburb of choice of wealthy buyers looking to looking to invest in bricks and mortar in a top location and they are being rewarded with excellent growth,” say the agents.

Buyers who invested here 10 years ago, would have paid around R3.8m for a freehold house. Today, the average price is almost three times more, say the agents. Aside from the capital value growth, older homes are being upgraded and these together with new homes can now compare to the best in the country and can come with price tags of R20 to R50m.

According to Propstats data, well over R550m worth of property has been sold in the suburb since the start of 2013 when the market began climbing. Vacant land is exceptionally rare and a 635m2 plot was sold for R5.2m, although prices range to R6.9m for 543m2 with remarkable views. Freehold houses have been sold for up to R26.5m in Glen Crescent.

Although there are a rare few exceptions, Higgovale now has an entry level price of R6m to R8m for freehold homes, say Finkay and Apperley. Almost half of the 19 or so freehold sales recorded over the last year were priced from about R9.5m with a significant number above R10m.

However, the agents say house prices do still tend to vary greatly depending on size, style and location and there is still some good value to be had. Older homes tend to be priced from R6m and prices for renovated homes now start at around R15m. Luxury homes on the market right now include a modern architect-designed home with remarkable views and top class finishes, priced at just under R50m.

Higgovale is slightly elevated against the slopes of Table Mountain with tree-lined lanes that wind through the suburb. This, along with the convenience factor and value of land here have all contributed to its rise as a top ranked suburb, say the agents.

“Most homes have views of the mountain and over the city and harbour out to sea. At night especially, the views are quite mesmerising and this alone contributes significantly to the demand for homes here,” say the agents.

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