The Cape property market, although robust, has experienced its fair share of challenges over the last 18 months as sales in ‘hot’ areas have started to dry up and with other area emerging to take top spots.
Mike Greeff CEO of Greeff Christie’s International Real Estate says, “Homeowners and those just looking to get into the market can look forward to select areas becoming prime areas to invest in and live as they are becoming increasingly sought-after. The same would apply for those looking to sell as homeowners would be likely to achieve a good price for their properties.”
There are select areas that have shown significant increases in popularity and value over the last few years. Some of which include the following:
Simons Town
Once known as a quiet village with beautiful mountain and sea vistas, Simons Town has in recent years made quite the resurgence amongst buyers and investors. Interest in the area is set to be on the rise with the construction and development of a new development, retail and medical centre that will drive interest to the area. The quaint town of just over 1300 people is known for its laidback lifestyle and sparkling beaches, with many buyers looking to enjoy the perks of seaside living away from the hustle and bustle while achieving good value for money for the properties they purchase.
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The Western Seaboard
A once lesser-known suburb of the Cape, the Western Seaboard has shown consistent growth with prices in the year growth year-year by up to 8 to 10% in some areas. The areas are known for its appeal, good value for money and high rental yields. The area is now seen as one of the city’s leading hubs with its appeal not just lying on the beachfront areas but also the business hubs and retail nodes.
Areas such as Century City and its surrounds have seen significant movement with development set to take place in the former Ratanga Junction area in the year 2020. Schooling is also on the cards with a handful of privately-owned schools already in the Western Seaboard area. The creation of schools is set to boost interest in the area and will increase interest of families looking to buy.
There is also the undoubted appeal of the beachfront and the properties which are lined along it. Areas such as Milnerton, Bloubergstrand, Lagoon Beach and Dolphin Beach are prime areas for real estate growth and have seen property prices grow exponentially in recent years.
Newlands
Known as the wettest suburb in the Cape, Newlands offers the prospective buyer an option to purchase in the one of the fastest growing and sought-after suburbs. With an ever-changing property landscape, Newlands can now be seen as one of the Cape’s luxury areas and an amalgamation of cultures, ages and all walks of life.
According to Propstats, during the year 2018, properties remained on the market for 75 days and prices increased by 14.4% over the last three years, further showing the healthy appetite to buy from buyers and investors. Property in the area is usually snapped up quite quickly with property spending on average, a mere 75 days on market.
Just five weeks in to the year, Greeff Christie’s International Real Estate has already managed to sell six properties, further proving that the property market in Newlands is standing firm with no signs of slowing down.
The area itself enjoys considerably close proximity to first rate schools such as SACS, Westerford and Sans Souci as well as being a stone’s throw from access routes to the University of Cape Town.
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Noordhoek
Considered by many to be one of the Western Cape’s best kept secrets, Noordhoek is located at the foot of the breath-taking Chapman’s Peak while being hemmed in by the sheer beauty of the Table Mountain National Park. Noordhoek offers buyers the opportunity to invest in their peace of mind and tranquillity. The area is renowned for its leisure activities, village lifestyle and breath-taking views of the mountains and ocean. There are also offers possibly the most scenic daily commute in the country via the iconic M6 Chapman’s Peak Drive or the M64 which takes in the lush greenery of the Silvermine Nature Reserve. The area displays excellent property value growth, with the average sale price moving from R 2.8 million in 2015 to R 4.75 million in 2018.
In addition, Noordhoek is home to one of the Cape’s finest security estates Chapman’s Bay Estate. This low-density, secure estate prides itself on incorporating luxury and eco-friendly living. Chapman's Bay Estate is the perfect opportunity for individuals to own property that offers the ideal blend of seclusion and ease of access to the City. This world-class development also gives buyers unrivalled views of the breath-taking Table Mountain Nature Reserve.
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These four hotspots are indicative of the resilience of the Cape property market and just some of the reasons that encourage potential buyers to get into the market with lessened trepidation.
