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Blouberg flats for all budgets selling in Cape Town

19 Nov 2015

While Blouberg is one of the most dynamic property markets of the Cape metro, the value on offer for buyers remains almost unparalleled for a beach-side location. Hence, buyers continue to flock to the area, snapping up almost any well-priced unit, and quite quickly too.

This beachfront apartment in Bloubergrant, Blouberg, has three en suite bedrooms, an open-plan dining room and underfloor heating. It is on sale for R15 million - click here to view.

This is according to Wouter Pentz, Seeff’s licensee for the area, who says beachfront apartments and those within walking distance of the beaches have become so sought after that almost half of all recent sales have been for close to or even the full asking price. This, he says, on the back of still tight stock levels.

"While most of the apartments are still selling for under the R1 million price mark, we are beginning to see top prices for sought-after beachfront complexes reaching as much as R25 000 per square metre in Sea Spray on the Table View side and R36 000 per square meter at Eden on the Bay," he says.

Apartment sales across the area that stretches from Milnerton to Melkbosstrand now account for about a quarter of all market activity. This year, some 477 apartments worth just under R500 million have already sold across the area, at a still affordable average price of just over R1 million.

The average price of beach apartments, though, tend to be more in the R2 million to R3 million range, says Pentz.

Managing executive, Clinton Martle, says well over 60% of all apartments sales still fall in the R400 000 to R1 million price band. This despite the superb infrastructure and amenities, including a number of top schools on offer in the area. Not least, with the laid-back beach lifestyle living in this area is like being on a year-round holiday, he says.

This two bedroom apartment in Table View, Blouberg, is on the market for R2.7 million - click here to view.

Martle says the wide selection of security complexes and value for money has been some of the key drivers of demand in the area. These complexes are also highly sought for the rental market, but units tend to be in short supply.

In most cases apartments do not even have to be advertised as there is a waiting list for property rentals in the area.

Pentz says Parklands tends to be the most popular for budget-friendly apartments. In this area, some 147 units have sold this year at an average price of R580 000. All sales have been under a million rand and the value is still excellent compared to most suburbs in the area.

The average rate is still an affordable R7 500 to R9 500 per square metre. Although a few sales have reached rates of up to R12 000 to R13 000 per square metre, this is not common at all.

Martle says Table View tends to offer mostly older complexes, with the area above West Coast Road still selling for affordable prices, although slightly higher than those of neighbouring Parklands. This year about 92 apartments have sold across the suburb at an average price of R938 565.

About half of all sales were below the R1 million price mark, but apartments on the seaside are now selling for considerably more, with a number of sales breaching the R2 million price mark. Prices of apartments close to or overlooking the beach has reached rates of upwards of R20 650 to R29 907 per square meter.

This open-plan studio apartment in Blouberg is selling for R1.25 million - click here to view.

According to agents, Samantha van Zyl and Brian May, units have sold for upwards of R1.275 million for a one bedroom flat to R2.1 million for two bedrooms in the popular beachfront complex, Sea Spray. This particular complex offers excellent investment returns as it is one of the most popular for holiday rentals.

The highest prices achieved on the beachfront is R3 million for a 134sqm unit with two bedrooms in Nautica, and R3.2 million for a 107sqm unit with two bedrooms in Dolphin Beach.

Prices, though, can range to about R5 million for a spacious 237sqm beachfront unit with three bedrooms, underfloor heating and direct beach access at Dolphin Beach, says agent Wendy Coetzer.

The newer suburb of Big Bay has seen around 47 sales this year at an average price of R1.65 million and average selling rates of around R13 000 to R18 000 per square meter.

Popular complexes include Seaside Village, a mixed-use development with retail facilities that include a Woolworths Food store, as well as a large Checkers, along with clothing and décor and restaurants that overlook the ocean.

Apartments have sold for upwards of around R900 000 for a one bedroom unit to R3.5 million for a top-end three bedroom unit with stunning views.

Another popular option is Eden on the Bay, also a mixed-use development designed in the style of the Greek islands. Here, some 12 sales have taken place this year at an average price of R1.97 million. One bedroom units have sold for upwards of R1.15 million to about R1.35 million, and two bedroom units for up to R3.5 million and R3.925 million, both to Johannesburg buyers.

This apartment in Big Bay, Blouberg, has three bedrooms, an open-plan kitchen, air-conditioning, underfloor heating and a patio. It is selling for R6.99 million - click here to view.

Agents Warren Kidney and Gary Tarantino say while apartments at Eden on the Bay are now selling for around R18 000 to R20 000 per square meter on average, prices have reached as much as just over R32 000 to R36 000 per square meter this year.

Prices range to just under R7 million for a 268sqm duplex penthouse with three bedrooms and top class ‘all white’ interiors. Even at this price, the value on offer is excellent and well below that of beach apartments in areas such as Sea Point.

Dolphin Ridge, another popular Big Bay complex with sea views and within a short walk of the beach, has been another top choice for buyers this year, with nine sales at an average price of R1.5 million and a top price of R1.8 million for a three bedroom unit.

Pentz says West Beach is yet another area that still offers excellent value when it comes to apartments. In this area, about 22 units have sold this year for upwards of around R800 000 for two bedrooms to R1.65 million for three bedrooms. Average prices in the area now range from about R14 000 to R18 000 per square meter.

Prices of top-end sea view apartments in the Bloubergrant area, though, can range to about R3 million for a three bedroom unit with modern finishes and a lock-up garage.

Even in Milnerton, there are still complexes where apartments sell for around the R1 million price mark, although units at the sought-after Royal Ascot developments have sold for up to R1.35 million for two bedrooms and an average rate of R14 214 to R19 565 per square meter. In the Lagoon Beach area, apartments have sold for up to R1.8 million.

Martle says on average, about 50-odd apartments sell across the area every month, and there is always a shortage of stock. Sellers are getting excellent prices and the turnaround time for sales tends to be quite quick, depending on the price range.

Aside from the apartment complexes, there are a number of security estates on and around the beachfront area, all of which are seeing high demand and stock shortages.

Investors in these complexes have seen returns of 20% to 30% over the last year or so, by far the biggest growth experienced this year. These include Dolphin Ridge, Seaside Village, Waves Edge, Kingshaven, Benguela Beach, Waters Edge, Sandown Estate, Dune Ridge, Grande Bay and Ocean Tides.

Buyers now tend to come from across the globe, with the demand for homes close to the beach, especially in security estates and apartment complexes, on the rise.

The area is also beginning to attract increasing interest from investors, given the high demand for rental accommodation. Beachfront apartments are also a popular choice with retirement buyers, says Martle.
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