select
|

Secure lifestyle living in Constantia in high demand with Gauteng buyers

The Constantia residential property market is experiencing critical stock shortages with homes in security estates in the R6 million to R15m price band being most in demand, especially with buyers from upcountry.


Gauteng families are particularly looking for homes on secure estates when they relocate to Cape Town, and many choose to settle in Constantia close to numerous excellent schools, sports facilities and shopping malls. This five bedroom, five bathroom home with three spacious entertainment rooms and a study in Silverhurst Estate is on the market for R25 million.

Joanna Thomas, Select Area Specialist for Lew Geffen Sotheby’s International Realty, says that there has been a notable increase in queries from Gauteng investors in the past three years.

“Upcountry buyers prioritise security when selecting a property and they are predominantly interested in secure lifestyle estates, of which Constantia has a limited offering and quite frankly needs more because there is demand and Constantia is where these buyers want to live.

“Property seekers from Gauteng, especially, will usually only consider freehold properties with good security systems in place that don’t have any obvious vulnerability such as adjacent open land.”

According to Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, the lack of available stock is only one of the reasons that sales to Gauteng investors are not mirroring the spike in interest.

“Typically it takes longer to sell property in Johannesburg than it does in Cape Town as the market is slower and more negotiable, whilst in sought-after suburbs like Constantia; the current stock shortage means that a cash deal very close to asking price is often required to clinch the sale.”

Geffen adds: “Upcountry buyers can also be a little discouraged when they compare the size of the home they are leaving behind to what they are able to buy for the same value in areas like Constantia, because property prices in the Western Cape’s desirable suburbs are certainly higher than those in Gauteng, and the province tends to be pricier overall.”

However, interest from Gauteng buyers continues to rise as investors are increasingly seeking the reliable service delivery that Cape Town enjoys, the perception that the province is much safer and the relaxed “country” lifestyle and outdoor activities which Constantia residents have right in their doorstep.

According to Thomas, this has resulted in the increasing attractiveness of dual living.

“It’s become a popular option as a better home can be bought with consolidated funds and dual living also offers increased security.”

Constantia certainly lends itself to this trend as the majority of erf sizes are generous and homes are spacious. According to a recent FNB Property Leader report, the majority of single title houses in the area offer four to six bedrooms and erven from 1350m² to 2 acres plus, but there are some cluster style complexes at the smaller 300/500 m² erven size.

Recent Propstats reports reflect the rising property prices in Constantia over the last two years as demand has increased whilst availability has diminished.

Geffen says: “In 2013 the average sales price of single title homes in the Constantia area was just under R6m and by the end of the second quarter of 2015 the average prices had increased to almost R8.5m. In sought-after Constantia Upper, the median prices were R8.3 and R11.04m respectively.”

“We are increasingly seeing homes in the R6m to R15m price band realising their listed price is falling just short and, when correctly priced, these properties often sell within three months of hitting the market.”
The growing popularity of suburbs like Constantia is also driven by their proximity to good schools as demand for quality education has resulted in long waiting lists at result-producing schools and many families with young children now determine their choice of schools prior to selecting a residential area.

Says Thomas: “Sales trends are revealing that potential buyers are more inclined to settle where schools are within a short commuting distances from home, and Constantia is not only home to excellent schools like Reddam House, Herzlia and Constantia Waldorf School, it’s also a short drive from well-known schools like Bishops and Rondebosch Boys’ High School.”

“An established infrastructure, access to first class amenities and the myriad activities for outdoor and sports enthusiasts are also draw cards that attract buyers to the region.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK