Young buyers moving to CT's Plumstead

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28 Jun 2013

Plumstead is a fairly large suburb in Cape Town approximately 15 kilometres to the south of the city, situated in the Southern Suburbs between Wynberg and the Constaintia Valley.

This three bedroom, two bathroom home has spacious, open plan living spaces and an entertainment area. The property has a teen pad, a salt water swimming pool and a double garage. It is on the market for R1.525 million - click here to view.

The suburb is divided by Main Road and the railway line, where the section of Main Road is dotted with antique and second-hand furniture shops. The train station serves its local community well, especially for those who commute in and out of the city daily. It is also one of the few stations that lie almost in the heart of the suburb making it easily accessible for the majority of its residents.

With a mixture of uniquely designed homes with low boundary walls and off-street parking, Plumstead has a village-like feel with its tree-lined streets and assortment of local amenities. The suburb has access to both the M3 and the M5 and is close to Constantia, Bergvliet and Wynberg, making it a central and well located area.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says it is filled with homes built during the 1940s and 1950s, and the majority of its residents are pensioners who have lived there for most of their lives. However, young creative couples have been entering the property market recently, looking to buy older homes in order to renovate them to suit their modern lifestyles. Figures from Lightstone reflect that the majority (39.73 percent) of recent buyers are between the ages of 18 and 35 years old, whereas most of the sellers (33.96 percent) are pensioners falling into the 65 years or older age group.

Goslett says that the property consists mostly of freestanding homes (68.32 percent), while around 30.62 percent of homes are sectional title units and only 1.06 percent of homes are situated within estates.

This four bedroom, two bathroom home has a fully fitted kitchen and a flatlet on the property with a separate enterance. It is on the market for R1.25 million - click here to view.

He says that the property market was relatively unaffected by the recession, with property prices currently at record highs for freestanding homes where the average price now stands at R1.266 million. The same pattern however, has not been repeated with sectional title units, where 2009 saw the highest average price of R937 000, dropping in 2010 to R621 000 and finally stabilising in 2013 at R708 000. According to figures from Lightstone, from 2004 until 2013 property prices overall have seen a gradual increase over the years, however, the number of properties sold have decreased, with sales figures remaining relatively unchanged since 2008.

Goslett says that nearly half (46.3 percent) of all homes sold between June 2012 and May 2013 were those priced between R800 000 and R1.5 million. Properties that fell within the R1.5 million to R3 million category represented 12.1 percent of the area’s sales, while properties between R400 000 and R800 000 represented 38.5 percent. He notes that properties sold during this period for less than R400 000 represented just 3.1 percent of the market, and no properties were sold for more than R3 million.

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