select
|

The City Bowl ticks more boxes than any other downtown residential area in the country

As the only South African city with a thriving CBD, Cape Town’s adjacent City Bowl uniquely offers the perfect synergy of urban accessibility and suburban lifestyle, which makes it especially appealing to millennials (under 35’s) who accounted for 42% and 25% of recent buyers in Vredehoek and Gardens respectively.


This beautiful four bedroom family home is situated in the sought-after avenues in Oranjezicht with stunning city and ocean views. On the market for R15.5 million, it has a family-sized farm-style kitchen, three fire places, a large entertainment patio, a pool and a double garage with secure access.

Costa Psomas from Lew Geffen Sotheby’s International Realty’s City Bowl office says: “It’s common knowledge that this generation typically seeks convenience, preferring to live in close proximity to their places work with a choice of easily accessible leisure and entertainment amenities on their doorsteps.

“However, they have surprisingly traditional values when it comes to raising families which is why the City Bowl perfectly caters to all their needs. The busting city centre is within walking distance of most areas, yet they have retained their tranquil suburban ambience with tree-lined streets and an array of family-friendly amenities, from secure parks and play areas to child-friendly family restaurants.”

He says that analysis of Lightstone data clearly reflects the changing demographics in the City Bowl, with 53% of recent sellers in Vredehoek being in the 50 plus age group while 58% of recent buyers were aged between 18 and 49. In Tamboerskloof, 56% of sellers were older than 50 while 56% of recent buyers were younger than 49 and in Gardens 53% of the seller during the last year were in the 50 plus age group and 61% of recent investors were aged between 18 and 49.

He adds that another attraction is that the City Bowl still offers buyers a wide range of property options.

“In the burgeoning sectional title sector, choices range from studio flats to spacious renovated apartments in older blocks and modern upmarket penthouses at the upper end of the market. 

“But, despite the rampant densification, around 30% of the properties in Gardens, Vredehoek and Tamboerskloof are still freestanding and options include cosy Victorian cottages, traditional family homes and large contemporary houses on sizeable grounds.”

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says: “It’s true that the City Bowl’s emergence as one of the city’s most resilient markets has driven prices higher in recent years, placing the area further out of the reach of first time buyers and young families, but there is still value to be found if investors have patience and time.”

Citing Lightstone data, Geffen says that although the average house price in Vredehoek for the last year ending 30 September was R6.2 million, there were also three sales in the R1.5m to R3m price band which averaged R2.19m and in Gardens three of the 42 houses sold changed hands at an average sale price of R2.6m.

“During the same period, there were also numerous apartment sold at very accessible prices. In Vredehoek, 20 of the 114 sectional title transactions fell in the R800 00 to R1.5m price band and averaged R1.2 and in Gardens 12 of 139 flats sold realised a similar average sale price.”

Psomas says that the City Bowl’s multiple draw cards are also attracting a growing number of investment buyers looking to capitalise on the strong short- and long-term rental market, especially in Vredehoek and Devils Peak which have been very resilient to the market shifts with rental returns and investment yields remaining high.

And, although agents in most Cape Town suburbs are reporting a dip semigrant enquiries this year, Psomas says that upcountry interest in the City Bowl’s sales and rental markets is still very active, especially in Vredehoek where there have been many new developments.

Geffen concludes: “Although there has been a slight dip in the overall number sales this year, property values have remained stable, especially in the lower to mid-markets, while the most sought-after pockets have continued to achieve very solid growth.


  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