Bishopscourt top-end property back in demand

Following a relatively flat 3-year period leading up to the early part of 2013, demand for Bishopscourt property is once again buoyant, says Seeff agent, Ingrid McFarlane. 

In fact, activity has doubled over the last year and the demand continues unabated into this year. So much so, she says that there is now a shortage of stock and a real opportunity for sellers that may have been holding back.

4 Bedroom Home for sale in Bishopscourt

In the last twelve months, around 25 properties to the value of almost R270 million sold in this small and exclusive suburb compared to just 12 sales worth around R142 million during the preceding period, says the agent. Most notably, demand for properties above the R10 million price band has doubled to about 10 sales.

Following a buoyant 2013, activity is off to a good start this year, says McFarlane who has just concluded a bumper month with R68 million in sales in the suburb. Activity includes a number of high value sales, most notably a beautiful Georgian Manor townhouse that sold to a top British Industrialist for R24 million. This follows hot on the heels of the sale of The Andros, one of the finest Cape Dutch homes designed by Sir Herbert Baker and built in 1908 that sold for R17 million. Also significant, is the sale of a 3,700sqm vacant plot on Upper Primrose Avenue for R14,3 million (R3,846/sqm), a new record price for land in the suburb. The previous highest land sale was the sale of two plots with a total size of 7,435sqm that sold in 2011 for R27,25 million (R3,665/sqm).

With an average price of around R10,2 million, this heritage suburb ranks amongst the top ten most sought-after and valuable in the country. That it is a sound investment is also well illustrated by the fact that the average price has strengthened by just over 15% from around R8,86 million in 2010 despite the fact that we are effectively still operating in a strained economic climate, says the agent.

5 Bedroom House for sale in Bishopscourt

Bishopscourt is a favourite with luxury buyers, largely for its location, convenience and mix of beautiful homes, says McFarlane. It enjoys an enviable location against the slopes of Table Mountain just below the world-famous Kirstenbosch Gardens. Wind protected, verdant and with lovely Oak tree-lined lanes, it offers a real escape for residents. There is immediate access to the M3 that takes you to just about anywhere in and out of the city and the airport in under 20 minutes.

This prestigious suburb is of course home to embassies and consulates and in addition to ambassadorial residents, is popular with business executives and family buyers given that there are a number of top private schools close by as well as the University of Cape Town (UCT)

Aside from renewed interest by local buyers, there has been significant interest by foreign buyers since the start of summer, says McFarlane. This includes buyers from North America, the UK and even Lithuania, all of whom have recently bought from the agent in the suburb.

Prices in the suburb now start at around 8,9 million for a four-bedroomed home on a large, 4,283sqm plot. Larger homes range upwards of R17,5 million for beautiful Southern European styled home that was featured on Top Billing and comes with luxurious living spaces, five bedrooms and a plot of 2,783sqm with a French neo-classical garden by landscape designer Franchesca Watson. Trophy homes include a one-of-a-kind 6,240sqm estate with a beautiful Sir Herbert Baker-style Cape Dutch home with eleven bedroom suites that is on the market for R36 million. At the top end, is a magnificent 12,000sqm (3 acres) estate with a 3,500sqm multi-levelled ambassadorial homed with a stunning location and views on offer for R80 million.

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