Although many Capetonians are not yet aware of it, Plumstead and Constantiaberg are undergoing a radical transformation.
So says Mike Greeff, CEO of Greeff Properties, who adds that "a decade ago, almost every home that we sold in this area, dated from the middle of the last century and was solid, spacious and ideal for a growing family".
"In most cases they could be described as 'characterful' – the truth is, however, that they were not very appealing."
"Things are changing. Fairly frequently we are called in to sell either a new home or one that has been so tastefully and cleverly modernised that it really is a pleasure to live in. Plumstead is acquiring a whole new look – which is bound to raise property values here."
Homes of the type she has been describing, said Gombart, prove particularly appealing to the young, whether married or single, and they are moving into the area fast.
"This is always a sign that an area is acquiring an 'in' status," she said.
Lanice Steward, managing director of Anne Porter Knight Frank (APKF), says Plumstead has in recent years been one of the largely unrecognised success stories of the Cape property scene, outperforming in its price increases many of the better-known areas. Until recently, says Steward, price rises here have been over 15% to 20% per annum.
John Schooling, managing director of Stag, says Constantiaberg is one area of Cape Town that is now giving truly remarkable returns on property investments.
"By Constantiaberg, I mean the five or six square kilometres covering the precinct dissected by Main Road at the junction of Diep River, Plumstead and Constantia. In my view this strategically situated precinct is now growing far faster than most in the Western Cape - and anyone who has bought property here has made a very wise choice."
Fuelling the demand for residential units, said Schooling, is a very strong rental market in the area, a new phenomenon which many had not been foreseen. "While it is true that recent sales have been slower than they were in the boom period, the impact of the 2010 World Soccer Cup has still to be felt," added Schooling.
"To those who have looked into what happened in 2006 in Germany, it is quite clear that these events have a huge spin-off of a kind never yet before seen in South Africa - and this continues well beyond the event. I am told that Barcelona is still benefiting from holding the Olympic Games. The impact of the 2010 World Soccer Cup has not yet been felt in South Africa, but I am now certain that it will be greater than most people realise."
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