Sales worth R1 billion predicted for Hout Bay property market this year

By the end of August, properties worth a total R615 million had already been sold in Hout Bay, according to Stephan Cross, sales manager for Seeff Hout Bay and Llandudno.

“If the market continues at this brisk pace it is entirely foreseeable that this figure could reach R1 billon by the end of the year,” he says.

“The Hout Bay property market is extremely active and we don’t expect too much of a slow-down as we approach December.”

He says Hout Bay is one of only a few coastal areas (and likely the only one on the Atlantic seaboard) where you can still buy luxurious family homes with magnificent sea views in the lower millions.

“All segments of the market are active, from apartments priced from R1.45m and vacant plots in the same price range to comfortable family homes in the lower millions and more expensive homes fetching prices of up to R12m.”

Cross says the average selling price Seeff Hout Bay has achieved until August is around R3.582m compared to an average listing price of about R3.786m.

“The average number of days spent on the market for properties marketed and sold by Seeff Hout Bay and Llandudno is about 42 days, whereas the average for the suburb is 80 days, according to PropStats.

“Almost a dozen of the properties we sold were on the market for seven days or less, including an R11.2m house that was sold in June and was one of the three most expensive properties sold in Hout Bay this year.”

Cross says the rental market is also active and there is a great demand for stock in Hout Bay and Llandudno.

“We have people looking for three to four bedroom homes in security estates for between R35 000 and R50 000 a month and three bedroom homes in the R20 000 to R30 000 price range are also very popular. In the one to two bedroom market, pet friendly rentals are rare and owners are achieving higher rentals for these units,” says Cross.

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