Camps Bay’s broad appeal underpins market strength

Camps Bay’s appealing synergy of opulent glamour, relaxed beach lifestyle and traditional family values along with its wide choice of property options been the main driving force behind its largely irrepressible market which has seen property values continue to rise in spite of the general market slump.

This eight bedroom designer home offers versatile dual living in stylish, understated luxury. On the market for R26.595 million, it boasts stunning views from generous first floor balconies and the easy care level garden and enormous solar heated pool make for idyllic summer entertainment.
Brendan Miller, Lew Geffen Sotheby’s International Realty Atlantic Seaboard and City Bowl CEO, says that although this exclusive coastal strip is known to be one of the country’s most stable markets, it hasn’t been completely impervious to current economic trends with most suburbs reflecting a dip in both sales volumes and sale prices, especially during the first half of 2016.
Camps Bay, on the other hand, has been marching to its own drum with only a slight drop in the number of sales, while property values have continued on their strident upward trajectory.
Citing Propstats data, he says: “The market peaked in 2014 with a record number of sales since the last property boom almost a decade ago when the average house and apartment sale prices increased significantly from a 2010 low of R6.5m to R9.88 million and R5.7m to R6.12m respectively.
“While fewer properties were sold in 2015, property prices continued their steady climb and the average house price jumped to R12.5m while apartments sold at an average of R7.5m.”
According to Lightstone data, prices have risen sharply again this year, with records for the past three months between May and July reflecting six house sales at an average price of R17.433m and six apartment sales at a record average sale price of R10.26m.
Edith Marsh, Area Specialist for Lew Geffen Sotheby’s International Realty, says: “Entry level prices in Camps Bay now begin at around R6m for an older two bedroom apartment further up the hill while a similar apartment on the beachfront will cost around R12m and its unlikely that you will find a house for less than R9m.
“Properties are sought after across the board, with many of our current sales being to upcountry buyers who are moving to the Cape”.
“We are now beginning to see stock shortages, especially houses under R12m and apartments in the R6m to R10m price band.”
Lew Geffen, Chairman of Lew Geffen Sotheby’s International realty says that the upper end of the market has also remained more active than in many other upmarket areas in Cape Town.
“Six years ago only 10% of all freehold house sales were above the R10m price mark, while around 55% of house sales during 2015 fell into this price band.
“Over an eight year period between 2007 and the end of 2014, the R10m to R20m price band improved by a whopping 138% with a total of 16 properties sold to the value of R211m compared to only seven homes to the value of R88.98m in 2007.”
Geffen adds that Camps Bay also has the highest number of trophy homes in South Africa, with 170 properties valued at more than R20m and Victoria Road is the fifth most expensive street in the country an average sale price of R23.1m.
Marsh says that in spite of its glamourous reputation and trendy beachfront strip, Camps Bay is very much a family suburb where home owners stay on at least throughout their children’s school years.
“Forty nine percent of existing owners have lived in their properties for 11 years or longer with the majority (74%) being in the 50 plus age group.
“However, the resident demographic is beginning to change with 45% of recent buyers being in the 35 to 49 year age group, many of which are ‘semigrants’ from upcountry.”
Miller says: “There are around 1190 properties in Camps Bay of which 66% are still freehold, while the property landscape has changed significantly in neighbouring suburbs where sectional title developments have sprung up.
“This is one of the main reasons the market in Camps Bay is so dynamic and houses that are priced correctly will usually move very quickly.”
Marsh adds that the adjacent enclave of Bakoven has also seen tremendous market growth in recent years, and it now not only tops the list as the most expensive suburb on the rental market in South Africa it’s also setting the bar in terms of sales prices achieved on the Atlantic Seaboard.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Feb 2018
      RE/MAX Property Associates’ Table View Office, which services property buyers and sellers along the Table Bay coastline and surrounds, has recently sold a home in Woodbridge Island for R11 million – the highest price paid for any home in the sought-after security complex.
    • 23 Feb 2018
      Choosing to invest in an overseas property can be daunting. But as more and more investors recognise the value of a diversified portfolio that includes property outside of their own country of residence, international property investment is growing in popularity.
    • 23 Feb 2018
      The positive change in South Africa’s political landscape is paving the way for an upswing in the local property market.
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us