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Cape Town City Bowl property selling for record prices

20 Nov 2015

Buyers in Cape Town’s City Bowl seem to be unfazed by the talk of 'downmarket' conditions with houses not just still selling quite rapidly above the R5 million price mark, but a  notable uptick in top-end sales above the R10 million price mark, some at record prices. This level of sales is also the highest ever in the area.

This six bedroom house in Tamboerskloof, Cape Town, has air conditioning, heated towel rails, a study, gym and patio. It is on the market for R27 million - click here to view.

This is according to Ian Slot, Seeff managing director for the Atlantic Seaboard and City Bowl, who says they have seen sales of just over R65 million coming from seven significant deals.

Michael Hauser and Doris Ricketts sold six properties including a five bedroom home in Highlands Estate in Frank Road, Vredehoek for a new record price of R10.1 million and another in Exner Avenue, Vredehoek for R9.35 million.

Slot says this new record price is R1.9 million more than the previous highest price of R8.2 million achieved in May this year in Highlands Estate for the sale of a five bedroom house in the same street.

The previous highest price achieved in Vredehoek/Devil’s Peak was R7.3 million, so these latest sales have significantly moved the price bar up in the area, say Hauser and Ricketts.

The agents also sold a four bedroom house in St Michaels Road in Tamboerskloof for R10.65 million, only about 2.7% below the asking price. Other notable sales include a six bedroom house with stunning views over the city, located in Bridle Road, Oranjezicht, that was sold for R13.5 million, as well as a home in Glencoe Avenue, Higgovale that was sold for R17 million.

Agents, Michele Apperley and Talitha Finkay also sold a three bedroom house with a swimming pool and stunning views, located in the La Montagne security estate in Mountain Close, Oranjezicht for R10.4 million.

This home in Vredehoek, Cape Town, has five bedrooms. It recently sold and was on the market forg for R6.4 million.

Slot says the sale of so many homes at the top end of the price scale is quite significant and not something that they have seen much of across the market in recent years.

Where top end sales comprised around 5% or so in recent years, almost 20% of the 100-odd houses worth about R700 million that have sold across the City Bowl suburbs this year are above the R10 million price band.

This is the highest number ever above this price band and already more than the total number that was sold in the price band for the whole of last year, he says.

Oranjezicht tops the list with seven sales of R10 million-plus followed by Higgovale with about six sales, Tamboerskloof with five sales and the single record sale in Highlands Estate.

Save for two of the sales, one to a German buyer and the other to a buyer from Mpumalanga, all of the R10 million-plus sales this year have been to local buyers. Slot says the suburbs of the City Bowl have become an excellent alternative to the Atlantic Seaboard for family buyers looking for a bit more land space.

This two bedroom house in Devils Peak, Cape Town, was on sale for R4.695 million and has already been sold.

He says, for example, they see about half of the top-end sales have been spacious homes on large stands, ranging in size from around 1 190sqm in Oranjezicht to 1 724sqm in Tamboerskloof. Most of the homes also have between four and six bedrooms.

The most notable area for freehold sales this year is Oranjezicht where the highest volume was recorded at a total of 29 properties sold at an average price of R7.8 million.

The second highest volume recorded is in Vredehoek where 21 houses sold at an average price of R4.6 million. This is followed by Tamboerskloof with 14 houses sold at an average price of R9.5 million, Higgovale with 13 sales at an average price of R10.5 million and Gardens with nine houses sold at an average price of R4.39 million.

The agents say there still seems to be strong confidence in the market in this area with buyers still keen to get a foothold in the area, sooner rather than later. Buyers have more than likely been keeping an eye on the market and seeing prices edging ever higher, have now decided that the time is right to buy.
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