False Bay average sales price up by R500 000

The False Bay peninsula with its collection of suburbs that hug the mountain slopes and rocky coastline has a charm and beauty of its own that has been luring increasing numbers of buyers over the last year, according to Seeff’s branches in neighbourhoods such as Muizenberg, Kalk Bay, Fish Hoek, Glencairn, Simon’s Town, Noordhoek and Kommetjie.

Chief executive, Gary Grobbelaar says the lifestyle on offer plays a significant role in the decision to buy here. Most properties are relatively close to the beaches and the living here is about as easy as it gets. Add to that some of the best surfing in the country and plenty of seaside eateries and pubs.

“Although the location is prime and property values have grown notably especially over the last two years, the value on offer is still excellent compared to other seaside suburbs,” says Grobbelaar.

“As the word gets out, more and more tourists are flocking to the area, a nice boost for business, but also for the property market. And we have noted an increase in the number of buyers heading here so anything under R1.5 million is now selling quite rapidly. A Muizenberg apartment for example recently attracted 17 show day visitors and four offers and was sold for R790 000.”

Propstats data shows that sales for the area for the 12 months ended in June were almost R1 billion and the average price was just over R2 million. That is almost double the value of the preceding 12 month period and over 30 percent more than last year’s average sales price of just over R1.5m.

Buyers have been a real mixed bag according to Grobbelaar. Aside from local residents trading up and down, there has been an influx of buyers from other provinces, especially Gauteng. Some are moving here permanently and others are buying holiday homes. UK and European buyers too have bought again.

Each neighbourhood of the False Bay peninsula offers its own distinct attractions, property options and pricing structure, says Grobbelaar.

Muizenberg offers just about anything for avid surfers along with a beachfront area with eateries and, more than ever the attraction of a world-class lifestyle says agent, Bonita Lee.

“The average house price is around R1.3m, a phenomenal 30 percent more than last year’s around R1m and a highest house price of just under R3m. Apartment sales though are still predominantly below the R1m mark, selling for about R11 000 to R15 000/m2 on average.

“Fish Hoek meanwhile still offers a real hideaway for those who want to escape the daily grind of city stress. The average sales price is R2.1m, already up by 11 percent from last year’s R1.9m. Although you can still find the odd apartment here for under R1m, houses have sold for just over R1.3m to a top price of R5.5m for a large five-bedroom home.”

Simon’s Town with its yacht-lined bay has a strong nautical history and culture. As with most of False Bay, it is a holiday hotspot.

According to agent, Lola Casey, the village offers a good selection of seaside homes and the average house price is R3.3m – 10 percent more than last year – and a top price of around R6.3m, although prices for luxury sea-view home can no range into the upper millions.

Between Fish Hoek and Simon’s Town, lies the suburb of Glencairn, which is popular for its rural tranquillity. Agent Eloise Day says that aside from locals, buyers from upcountry areas such as Johannesburg, Pretoria and KwaZulu-Natal along with expatriates returning to the country are all buying here now.

“The surroundings and strong community commitment to preserving the environment are also draw cards for the area. The average house price here is now at around R2.1m and a top price of R3.65m, but the exclusive homes in the suburb can sell for up to about R8.8m.”

On the other side of the peninsula, Noordhoek in particular has experienced strong activity over the last year according to agents, Roni Finlay and Brigette Spaltman.

“With an average house price of around R4.3m and a top price of R11.5m for a home sold by Seeff, it now ranks among the most sought-after suburbs in the metro. Seeff also sold a vacant plot of just over 1 000m2 in the Lakes for R2.65m.

“In neighbouring Kommetjie, meanwhile, the average house price is around R3m with a top price of R8.8m for a large four-bedroom home and up to R1.6m for a vacant plot.”

Grobbelaar says the whole area is renowned for its wonderful community spirit. Once people move into the area they don’t often move out and you find many generations living here.

Although conditions are still favourable for sellers, Grobbelaar cautions against overpricing.

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