False Bay market “pumping” since June

Since 2014, annual price inflation in coastal areas has remained notably higher than inland regions and, with remote working having become the new normal during lockdown, market activity in scenic areas like False Bay is spiking as many of those who can work from home are opting for lifestyle over commuter convenience.

In recent years, growing traffic congestion in Cape Town, had become one of the primary deciding factors for buyers when choosing an area in which to purchase a home, but since lockdown, this has become less critical which is evident in the spike in activity agents in the quieter coastal areas are reporting

Sarah Daynes, Fish Hoek Area Specialist for Lew Geffen Sotheby’s International Realty says: “The market here is pumping at the moment – one only has to look on property portals to see the number of properties recently sold or under offer. I can’t remember when last I was this busy and have personally sold six properties since June.

“Many of the enquiries are from young families who are seeking quieter lifestyles near good schools and retirees scaling down, but we are also receiving an encouraging number of enquiries from Gauteng buyers and foreign investors.”

She adds that most of the sellers are empty nesters scaling down, retirees moving to retirement homes and older parents moving abroad to be with their children with the most active price band being R1 million to R3m.

According to Lightstone figures, during the last three months ending 30 September, 32 properties changed hands in Fish Hoek, with 18 being freehold at an average sale price of R2.2m, 12 were sectional title homes averaging R1.05m and two freehold estate properties with an average price of R2.3m.

Of these, four freehold sales were priced above R3m with an average sale price of R3.4m.

In Noordhoek and Kommetjie, enquiries have also been consistently high, especially since June, with properties below the R3.5m mark being most sought after, although Kommetjie Area Specialist, Natalie Cooper says that she has also been fielding more enquiries than expected for homes priced up to around R6m.

“There were four sales in the higher price band between July and September, two of which were freehold homes with an average sale price of R6m and two were freehold estate properties at an average sale price of R6.42m.

“Most popular are properties with sea views, those that are north facing with sizeable gardens and homes that accommodate dual living and working from home. A number of people are also looking for properties with additional accommodation or office space they can rent out.”

Noordhoek Area Specialist, Linette Kempster, has also seen an increase in requests for homes that offer dual living and in the number of first-time buyers applying.

“With the all-time low interest rates, many people are realising that they can own their own homes for around the same monthly cost as renting and are taking the plunge.

“And with this coastline’s outdoor lifestyle with miles of beaches, stunning views and quaint village life at a far lower price than most other comparable areas, it’s an obvious choice.”

Kempster adds that, over and above the abundance of natural drawcards, there has been significant commercial development in recent years and residents now have access to a wide range of amenities, including modern shopping malls, a Virgin Active gym and a choice of excellent restaurants.

“The fact that one can enjoy a truly rural lifestyle yet be only short drive from the city is also a major drawcard, especially for semigrants,” she adds.

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