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Home sales keep rising in Cape Town’s top areas

Everyone knows that trophy home sales do not a market make, but the latest figures from Sotheby’s International Realty show that the property markets in Cape Town’s high profile Atlantic Seaboard and City Bowl areas do have real depth – as well as the most sought-after trophy homes in SA.
 
These statistics show that at least R4,5bn worth of freehold homes were sold in these two areas last year – compared with around R3,7bn worth in 2012 – and that most of these properties were priced at less than R5m.


1 Bedroom Apartment for sale in Green Point
 
“And we are confident that this strong sales trend will continue this year,” says Lew Geffen, chairman of Sotheby’s International Realty in SA, “as there is growing demand not only for upmarket beachfront mansions but for mid-range homes in the suburbs closest to the city centre, from both local and international buyers.”
 
The sales figures, drawn from Deeds Office records, show that the busiest property sales area on the Atlantic Seaboard last year was Camps Bay, with 91 freehold home sales valued at an average of R8,4m each (See Table 1).
 
The next most active areas were Green Point, with 62 sales valued at an average of R4,2m each, and Hout Bay, with 58 properties sold for an average of R4m.
 
The most active suburbs in the City Bowl were Woodstock, with 187 freehold home sales valued at an average of 1,4m each; Gardens, with 78 sales valued at an average of R6,6m each and Tamboerskloof, with 46 properties sold for an average of R5m.
 
When it came to big ticket properties, Clifton topped the list in 2013, with an average price of R21,3m paid for 14 freehold properties sold – and a few homes sold for R25m and more.Bantry Bay was next on the list, with an average price of R10m paid for 16 freehold properties sold, followed by Fresnaye, with 54 properties sold at an average price of R8,6m each (see Table 2).


3 Bedroom Apartment for sale in Clifton
 
The figures also show that there were literally hundreds of sectional title sales along the Atlantic Seaboard last year, with a total of 1082 apartments sold just in Sea Point (547), Green Point (241), Three Anchor Bay (171) and Mouille Point (123) – compared to 861 units sold in these areas in 2012.
 
“And rising demand combined with a growing shortage of apartments for sale has also caused sectional title prices to rise dramatically since January last year,” says Geffen. “In Bantry Bay, for example, where there were 92 apartment sales in 2013 compared to 69 in 2012, the average price more than doubled from R3,2m to R6,5m.”
 
The average sectional title sale price also rose 63% in Mouille Point last year, to R4,2m; 58% in Fresnaye to R3,2m; 47% in Sea Point to R2,2m and 40% in Green Point to R1,7m. The area with the highest average sectional title price, though, was once again Clifton, at R6,7m.

Table
1



10
MOST ACTIVE ATLANTIC SEABOARD/ CITY BOWL AREAS 2013




























































SUBURB



NO OF SALES



AVERAGE PRICE



Woodstock



187



R1,4m



Camps
Bay



91



R8,4m



Gardens



78



R6,6m



Green
Point



62



R4,2m



Hout
Bay



58



R4m



Fresnaye



54



R8,6m



Sea
Point



49



R4,3m



Tamboerskloof



46



R5m



Oranjezicht



45



R5,6m



Vredehoek



40



R3,7m




Source:
Lew Geffen Sotheby’s International Realty



 



Table
2



10
HIGHEST PRICED ATLANTIC SEABOARD/ CITY BOWL AREAS 2013




























































SUBURB



NO OF SALES



AVERAGE PRICE



Clifton



14



R21,3m



Bantry
Bay



16



R10m



Fresnaye



54



R8,6m



Camps
Bay



91



R8,4m



Higgovale



17



R6,9m



Gardens



78



R6,6m



Llandudno



23



R6,5m



Oranjezicht



45



R5,6m



Tamboerskloof



46



R5m



Sea
Point



49



R4,3m




Source:
Lew Geffen Sotheby’s International Realty



 



 



 



 



 



 



 



 




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