Boom time for Hout Bay Property market

The property market in Hout Bay is currently booming, with rentals and sales both experiencing a surge in demand and price across all market segments.

ECO-FRIENDLY: This unique five bedroom family home is set on expansive landscaped indigenous grounds and boasts state-of-the-art finishes including intelligent lighting and a 7-seater cinema. Set on over 8 128m² of prime land with a separate two-bedroom cottage, this stunning property is on the market for R28 million.

However, unlike most other suburbs in Cape Town, the biggest growth has been at the upper end of the market where record rentals are now being achieved.

This is according to Terri Steyn, Area Specialist for Lew Geffen Sotheby’s International Realty, who says that this is largely due to the increased demand for secure lifestyle properties and a spike in interest from investors from other areas in South Africa who now make up around 50% of all buyers.

“We are fielding an increasing number of inquiries for homes in the R7m plus bracket and recently sold a property in Kenrock, an exclusive estate, for more than R13m.”

Citing Propstats figures, Steyn says that average sale prices have skyrocketed in the past five years.

“In 2011 the average house price was R2.81 million and sectional title properties sold for an average of R1.2m.

“By 2015 the average house price had almost doubled to just under R4.1m and the sectional title median price had increased by 41% to just over R1.7m.”

Steyn says that there has also been a marked drop in the length of time properties remain on the market.

“In 2011 the average length of time across the board was 159 days, with several properties remaining on the market for more than 400 days and some even for longer than 500 days.

“In 2015 the average time spent on the market had dropped by 21% to 126 days with very few properties remaining on the market for longer than 200 days, but desirable properties in secure estates sell much faster.”

She adds that the biggest drop in sale time was for sectional titles properties which took an average of 75 days to sell in 2015 compared to 172 in 2011.

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty attributes Hout Bay’s increasing popularity to multiple strong appeal factors.

“In the face of the emergent trend to move away from the city to avoid the growing peak hour traffic congestion and enjoy a more sedate lifestyle, Hout Bay offers the ideal solution as residents enjoy a laid back seaside village lifestyle as well as a quick, congestion-free commute to the CBD.”

Geffen adds that Hout Bay now has a wide range of convenient amenities as well as top class schools has added significantly to its appeal.

“Over and above the quaint and eclectic boutique stores for which Hout Bay is known, residents now have a choice of national chains, including Woolworths, Quick Spar, Pick ‘n Pay and Checkers.

“And, where parents in most other areas have a limited choice of schools and face long waiting lists, Hout Bay is home to four pre-primary schools, five primary schools and three high schools, with the Hout Bay International School catering to all levels of education.”

Ursula Heppner, partner Area Specialist for Lew Geffen Sotheby’s International Realty in Hout Bay, says that another significant drawcard is that Hout Bay offers investors a wide and diverse range of properties, from modern lock-up-and-go units and secure lifestyle properties to quaint old cottages and sprawling mansions on large grounds. The area also boasts a number of equestrian estates.

“There are also many unique properties in the area and we recently listed a state-of-the-art designer home which was built entirely from stone sourced from the Barrydale region.”

She adds that the home also has multiple eco-friendly, money-saving features, including heat pumps for the geysers, double-glazing throughout house and cottage to preserve heat in the house in winter and a fully automated irrigation system that feeds of a 60m borehole with 3 x 10,000 litres storage tank.

Heppner concludes: “Residents also enjoy the sense of community which still prevails in the suburb and as well as its convenience and idyllic location.

“Situated almost midway between Cape Town and Cape Point with quick access to the Southern Suburbs and CBD, Hout Bay is also surrounded by spectacular nature with mountains to the north, east and west with the Southern Atlantic Ocean to the South.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 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.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us