The magic of Muizenberg

The laid-back, historic seaside town is home to the oldest building on the False Bay coast and the brightly coloured Victorian beach houses hark back to a time when it was Cape Town’s premier swimming beach.

“Muizenberg attracts many investors due to its rich heritage and lifestyle - the town is saturated with South African history. Aside from the Het Posthuys in Main Road which dates back to the 1600’s, other attractions include the Battle of Muizenberg site and the Rhodes Cottage. The area has a beautiful white sandy beach, pavilion, mountains, a train station and M5 and M3 highways are close by. Added to that it is within 25 minutes drive from the Cape Town city centre. There is also a wide variety of surf and adventure operators, as well as quaint restaurants and coffee shops for residents to enjoy,” says Mark Brickles, Broker/Owner of RE/MAX Ultra Select, which operates in regions Grassy Park, Strandfontein,  Zeekoevlei, Muizenberg, Ottery, Lansdowne, Rondebosch East , Plumstead and surrounding areas.

According to Brickles, Muizenberg will be a hot investment node for the holiday period among astute property investors. “Muizenberg property is definitely undervalued when compared to other areas along the Atlantic Seaboard. Buyers can pick up flats on the beachfront for as low as R400 000 for a one-bedroom apartment. This means that almost the entire bond repayment will be covered from the rental received. If the property is used for holiday rentals during the high season periods such as December and January, investors will be able to make a healthy profit on their investment,” says Brickles.

He notes that the R400 000 to R800 000 price band will be the most active this season. In fact, RE/MAX Ultra Select recently sold a one-bedroom unit for R420 000 within two days of it coming onto the market. “The reason for this is fairly simple: it is the price bracket that most people can qualify to buy for, especially first-time buyers. Secondly, this is the price range where investors will get good rental returns. In this price bracket the properties will be mostly sectional title units, which suits the lock up and go lifestyle of Muizenberg, as the area mainly attracts younger adults who enjoy arts and surfing.”

Adrian Goslett, CEO of RE/MAX says that well-priced property that is situated close to amenities will always attract buyers and offer a good return on investment.

According to Lightstone, a property data and statistics provider, property in Muizenberg consists mostly of freehold housing, which makes up 53.50% of the market stock. The remainder of the property in the area consists of 39.21% sectional title units and 7.28% estates. The average price of a freehold home in 2011 was approximately R1,025 million, which is significantly higher than the 2010 figure of R755 000. The average price of a sectional title unit has increased from R650 000 in 2010 to R793 000 in 2011. These increases point to the fact that Muizenberg property is sought after and is a good return on investment. The highest percentage of recent buyers (41.81%) in the area were between 36 and 49 years old.

Brickles concludes by saying that generally sentiment in the market is much better than last year - not just in Muizenberg but across all the areas his office services, with many more first-time buyers taking up opportunities to invest and investors returning to the market.

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