After a very subdued 2020 during which the luxury market bore the brunt of the pandemic’s impact, the Bishopscourt market has rebounded this year with agents reporting a steady month-to-month acceleration in buyer interest and a notable spike in enquiries and sales.
So says Barbara Manning, veteran agent and Area Specialist for Lew Geffen Sotheby’s International Realty who recently brokered three sales in just six weeks and continues to field a growing number of enquiries.
“There were very few enquiries and even fewer sales in 2020, however towards the end of the fourth quarter we noticed the first spark of revival and the market has since improved at a steady pace.”
Lightstone data clearly evidences the dramatic market shift precipitated by Covid, with nine house sales recorded in Bishopscourt in 2019 and just four transactions in 2020. However, with 10 sales already concluded by the end of July, this year’s figures are far more encouraging.
“Bishopscourt has long been regarded as one of the best addresses in South Africa as well as one of the most resilient markets,” says Manning, “however, the pandemic has proven that no market is invincible and when the top end of the market came to a grinding halt last year, Bishopscourt was no exception.
“That said, the market’s quick recovery is a clear indication of its strength and resilience and Bishopscourt’s inimitable appeal.”
Over and above the suburb’s multiple drawcards and the fact that real estate is considered one of the best long-term investments during tumultuous economic times, Manning says that two key factors are underpinning the market’s revival, namely an uptick in semigration and market-related pricing.
“With our dams now full and comparatively few incidences of unrest occurring in the region, the Western Cape is perceived by many to be the safest province in South Africa and upcountry residents are once again looking to relocate here.
“There has also been a notable price adjustment, with more sellers now cognisant of the fact that purchasers in all sectors are prioritising value, especially in a buyers’ market where they have far more choice.”
Two of the three properties Manning sold between May 26 and July 8 had been on the market for a considerable time, one for over a year (357 days), and by the time of sale, each sale price had been reduced from the original asking price.
“The lower to mid-market is by far the most active segment, with most of the sales in the area being for properties below R18m.”
She adds that during the pasts 12 months, eight new listings have come onto the market with six being in the past six months and most are being listed due to emigration or downsizing.
According to Lightstone, 67% of those who sold during the past year were 65 years or older and 33% were aged between 36 and 39 which correlates with the most-often reported reasons for selling in Bishopscourt, namely downsizing and emigration.
Discreetly nestled between the iconic Kirstenbosch Botanical gardens and Constantia, this beautiful, tree-lined suburb with its rural atmosphere has long been considered the grande dame of the Southern Suburbs.
Bishopcopurt’s idyllic mountainside position largely shelters it from the south easter wind and virtually all the properties boast stunning views. It’s also in close proximity to many of the country’s best schools, has excellent nearby shopping facilities and is only 15 minutes from the city or the beach.
