More than R1 billion worth of property sold in Hout Bay

This luxury three-bedroom home was recently sold for R10 million.

Annual property sales in Hout Bay have just surpassed the magic R1 billion mark, according to James Lewis, Seeff’s managing director for the area.

“Based on the latest data recorded on Propstats by agencies operating in the area, sales for the 12 months from August 2014 to end of July 2015 amount to just over R1.01bn. This is a major milestone and it’s the first time this level has been achieved since the economic down-turn of 2007/8. It also reflects the growth in the local property market,” says Lewis.

“This value is about 70 percent up on the R594 million of three years ago and just over 40 percent better than the R705m of 2013.

“The average sales price for this year now stands at about R3.4m, 20 percent higher than last year’s average of R3.04m and almost R1m more than what it was in 2012/3.”

Lewis says the growth of the market and strong demand for homes in the suburb is further demonstrated by the activity in the R5m-plus sector. In 2012, there were only about 20 sales recorded above this price band. This increased slightly to 27 transactions in 2013.

By last year, this had doubled to about 53 sales worth just over R400m at an average price of R7.68m. Most of these high priced sales were in the sought-after security estates such as Kenrock, Ruyterplaats, Avignon, Berg-en-Dal and Baviaanskloof Private Estate as well as in the Scotts Estate and Baviaanskloof neighbourhoods.

Lewis says top prices are also edging closer to the R10m mark with about 12 sales so far for the year priced from just under this level to almost R20m.

“Although most buyers are Capetonians, the suburb has experienced an increase in demand from buyers moving from other provinces, especially Gauteng, but even from the Eastern Cape. More than half of all sales over the last year have been cash deals,” says Lewis.

Agent Ingred Blicher Hansen attributes the uptick in activity to a combination of location and lifestyle, and she says buyers are prepared to pay ever higher prices for homes here. That notwithstanding, there is variety, from well-priced apartments and townhouses around R1.5m to luxury homes that can easily sell for R10m and more.

“Many buyers also believe the suburb offers more value compared to what they can buy elsewhere on the Atlantic seaboard and even in the southern suburbs,” says Hansen.

While it’s still a very laid back neighbourhood, the upgrades taking place in Hout Bay have been a definite boost for the property market, according to agent Nolan Wood.

“The International School is the first high school in the suburb, and the level of education on offer is highly prized by parents,” says Wood.

“Although popular with older buyers, especially retired people, Hout Bay is now relatively young with a vibrant energy. According to the latest data from Lightstone for example, more than 80 percent of recent buyers are under 50,” says Lewis.

“We have not seen any drastic downturn in the demand. Stock levels are still very low to meet the buyer demand, so it is still a good time to sell.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
    • 15 Jan 2018
      The Atlantic Seaboard’s housing market has stoically withstood the brunt of the growing economic and political instability, consistently achieving double digit growth way above the national average, however, in 2017 South Africa’s most resilient market finally began to yield to the pressure.
    • 15 Jan 2018
      Sectional title insurance can be a little confusing and, as a new owner, you may be tempted to just assume your body corporate has you covered. While this may be the case, understanding the extent of your coverage and your personal liability is the only guaranteed way to protect yourself against potentially costly oversights.
    • 12 Jan 2018
      After an exceptionally good 2016 during which the Winelands residential market outperformed the national average by a considerable margin, 2017 was marked by a difficult winter which saw a notable slump in sales and demand.
    • 12 Jan 2018
      Small spaces can make a big impact. Irrespective of size, an aesthetically pleasing outdoor space can be a major selling point for prospective buyers. “Even if the outdoor area is small and only enough to sit and have a cup of coffee, it might just be the feature that makes the stand out from others in the neighbourhood,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 12 Jan 2018
      The boom of the digital age has opened up many doors to the way we buy and sell property. In the past we used to pop out and pick up the latest copy of the property magazines available, today we switch on the PC or grab our smart phones as online property portals & Facebook has become the new ‘go-to’ for anything, including shopping for your new home from the comfort of your couch.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us