RE/MAX Area Trend Report – Noordhoek

Area history

Located below Chapman’s Peak on the west coast of the Cape Peninsula is the village-like Cape Town suburb of NoordHoek. Initially farm land, the Dutch derived name Noordhoek, literally means the northern corner. The area was called this because it was the northern corner of the Slangkop farm. The farms in this area originally supplied fresh vegetables to the ships that ported at Simon’s Town. Agriculture, farming and small hold living still form an intricate part of Noordhoek’s allure today.

4 Bedroom House for sale in Sunnydale, Noordhoek

Noordhoek has managed to retain a unique balance between rural and residential living, which has made it a popular area among property buyers. The area has an eclectic mix of property ranging from modest village cottages to large luxury homes boasting ocean views. There is also a large equestrian community in the area that often ride along Long Beach, which offers over 8km of unspoiled, wide sandy beach.  Noordhoek is known for its picturesque shoreline which stretches south towards the neighbouring village of Kommetjie.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property in Noordhoek is divided between freehold properties (40.89%) and estates (59.11%). He notes that according to Lightstone the highest number of property sales in the area was in 2005. Sales transactions dropped in 2006 and remained reasonably stable until 2008, however in 2009 property sales started gaining momentum and have seen marginal but progressive growth.

Goslett says that over 64% of recent buyers in the area have been below the age of 49 years old. According to statistics 48.65% of buyers were between 36 and 49 years old, while around 16.22% were between 18 and 35 years old. Consumers between 36 and 49 years also represent the largest percentage of sellers (42.86%), as well as the largest percentage of homeowners in the area (38.18%).

Unlike most areas throughout the country, Noordhoek property prices did not see massive growth during the boom. In fact, says Goslett, property prices remained fairly flat from 2006 up until 2009. Prices dropped in 2009 and again the following year, however they recovered in 2012 and have seen excellent year-on-year growth since, with current prices higher than ever before.

Property price trends

Demand for property

According to Goslett, 47.4% of the properties sold in the area between July 2013 and June 2014 were priced above the R3 million mark, making this the most sought-after price bracket. Properties sold during this period that were priced between R800 000 and R1.5 million, represented 28.9% of the market, while those priced from R400 000 to R800 000 accounted for 15.8% of the area’s sales. Properties priced between R1.5 million and R3 million accounted for the remaining 7.9% of sales.

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