Hout Bay property remains in demand

The buoyant demand for Hout Bay's laid-back lifestyle has led to a significant improvement in sales this year with properties in Hout Bay selling fast and for close to or more than the asking price according to Seeff's managing director, James Lewis. Stock levels have more than halved and our agents are inundated with buyer enquiries, but there is just not enough properties coming onto the market to meet the demand right now.

3 Bedroom Apartment for sale in Hout Bay

Homes are selling almost as fast as we can list them and, we have cash and credit-ready buyers just waiting for new listings. For sellers, this is an excellent time. The buoyancy is also clearly evident from the sales activity this year, he says. Since the start of the year, about 147 properties to the value of almost R420 million have already sold in the village, over 15% more than the R360 million in real estate that sold during the first half of last year. The average price is also up year-on-year by about 17% from R2,4 million last year to just over R2,8 million.

The great news for sellers is that while the market average to sell a property here is around 140 days, Seeff's recent sales have been within anything from 30 days of listing to before we even had time to list, says Lewis. All the while, sellers have been getting close to and even more than the asking price, continues Lewis. Six recent sales illustrate this. The first, a three-bedroomed home in Northshore sold for the full asking price of R2,795 million before being listed while a family home in Beach Estate sold for R2,35 million (just under the asking price of R2,495 million) within four days of listing it.

Four homes also sold within 30 days of listing. These include a four bedroomed home in Victorskloof that sold for R4,4 million, just under the asking price of R4,695 million, a house in Beach Estate that sold for R1,895 million (just R5,000 below the asking price), a four-bedroomed home in Northshore that sold for R3,2 million against an asking price of R3,495 million and a family home in Overkloof that sold for R4 million, R100,000 more than asking price of R3,9 million.

Lewis attributes the success to working closely with sellers and providing vital market information and accurate valuations. By listing at the right asking price, sellers have been able to attract excellent prices and have sold their properties literally within days of listing. In terms of the opportunities for sellers right now, the biggest demand is for free standing houses, priced between R2,5 million and R4,5 million.

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