select
|

Some Southern Suburbs in Cape Town nodes still offer great value and lifestyle

Cape Town’s Southern Suburbs have been among the top performers in the South African residential sector for several years, with popular suburbs like Claremont, Rondebosch and Newlands experiencing year-on-year growth which have increasingly priced them beyond the budgets of many investors.


This beautifully renovated three bedroom home is a stone’s throw from Keurboom Park in Rondebosch. On the market for R3.95 million, it has an excellent security system, a spacious open plan living area which opens out to an established garden and solar-heated pool and secure parking for five cars.

Cecile Leck, Area Specialist for Lew Geffen Sotheby’s international Realty says: “In the most sought-after areas, house prices now start at around R5 million with average sale prices of around R7.5m, however, there are still nodes where investors can enter the market for considerably less.

“Lynfrae, Clare Park and Below Belvedere were often overlooked because of their location “below the railway line” but this is no longer the case as they still offer excellent value for money in a high value zone where average house prices in directly adjacent suburbs are considerably higher.”

According to Leck, between January and August this year, 20 homes were sold in Lynfrae at an average sale price of R3.6m and during the same period 17 sales in Below Belvedere realised an average sale price of R2.9m while Clare Park averages slightly higher at R4m.

“Correctly priced, well-maintained homes in these suburbs will be snapped up, often within days, regardless of whether or not they have been renovated and we are now experiencing stock shortages of lower to mid-market homes.”

Although most of the properties in these areas are still freehold, there is now a growing demand for the lock-up-and-go properties, including sectional title schemes, cluster developments and townhouses.

“These property options are very popular with young professionals and empty-nesters downsizing and currently there are only four developments in the area which cater to this rapidly expanding niche market: Keurboom Close, Victoria Mews, Queen Victoria and Belvedere Court, a sectional title scheme.

Leck adds: “An increasing number of current owners as well as new buyers are renovating their homes, either to meet their lifestyle needs or with a view to selling in the near future.” 

Lew Geffen, Chairman of Lew Geffen International Realty, says: “Although almost half of existing residents have owned their properties for more than a decade, the majority of new buyers are recently married couples starting out and young families who want to be in the school catchment area.

“There is also a high demand for affordable rental accommodation, however as many investors are buying to live in their homes, demand far outweighs supply.”

Geffen says that in addition to the accessible pricing of these suburbs and their proximity to several excellent schools, they also offer a number of other compelling appeal factors.

“Residents are within walking distance to a number of popular sporting facilities such as Newlands cricket and rugby grounds, Western Province Cricket Club and Villagers’ Rugby and there is also a comprehensive selection of local small shopping centres, including Palmyra Junction and Belvedere Square, as well as easy access to larger malls such as Kenilworth Centre and Cavendish Square.

“There are also numerous doctors’ practices located along Belvedere Road and excellent private medical care is available at the nearby Life Claremont/Kingsbury hospital cluster.

Leck says: “One of the biggest drawcards for young families is that this is still very much a community-minded neighbourhood with a number of play-parks for children, including popular Keurboom Park where families can safely enjoy outdoor activities after work and on weekends as security has been prioritised and environmental sensitivity maintained.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
        
    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