Two points in the right direction

The Atlantic Seaboard suburbs of Sea Point and Green Point are enjoying new waves of interest and development, with demand from property investors steadily increasing.

“Sea Point is returning to its former glory, with many buildings undergoing facelifts, such as the Checkers Galleria, while Green Point is also thriving with its own developments including the new Green Point Urban Park,” says Francois Venter, Director at Jawitz Properties.

“Because of these positive changes, buyers are taking an interest in these areas, particularly in the under R2, 5 million sectional title market.”

Sea Point is experiencing a suburban migration with older couples moving in from the suburbs, scaling down and looking for smaller properties that are more conveniently located. “Investors are seeing great value too, even buying properties 'sight unseen', and homes that already have tenants in place are particularly popular,” says Venter.

Meanwhile Green Point’s cosmopolitan, trendy feel and central location with easy access to the CBD and highways, is attracting young professionals. “Two bedroom units priced between R1- and R2 million are the most in demand,” adds Venter. “First time buyers are keen on Green Point for starter homes.”

Propstats’ comparative figures in the under R2,5 million sectional title market for the first third of the year (1 January to 30 April) and the same period  last year, indicate that both Sea Point and Green Point are enjoying buyer activity.  Properties for sale in these areas are on the market for a much shorter period of time this year. “The average number of days that a Sea Point unit is on the market has reduced from 108 days in the first third of last year, to just 75 days this year. While in Green Point, this figure has decreased from 106 days to 86 days.”

Both suburbs have seen the average price of a unit increase by over R100 000 this year.

“Green Point’s total value of sectional title sales under R2,5 million from January to April this year comes to a little over R40 million, while Sea Point’s sales total at almost R78 million,” adds Venter.

Both suburbs have a vibrant street life and offer many recreational opportunities and facilities. “Sea Point caters to lovers of the outdoors, with wonderful sea views, the vast promenade and a healthy selection of shops, while Green Point boasts De Waterkant and the ever trendy Cape Quarter, with the Waterfront and stadium just walking distance away,” says Venter. “Buyers are really finding value in these suburbs.”

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