There are buyers everywhere and not enough homes to supply. This is according to Bonita Lee, Seeff’s agent for the Muizenberg area, who says this trend has been building for the last three years and they are now effectively in a sellers’ market, with homes literally selling as fast as they can list them.
This house has three bedrooms, two bathrooms, a kitchen, lounge, dining room and parking for two cars. It is on the market for R1.2 million – click here to view.She says sales for 2014 for Muizenberg closed off at just over R52 million (47 units) and this year is already off to a good start with sales of almost R8.5 million.
While it remains one of the most affordable coastal areas and the majority of sales still fall below R1 million, it is worth noting that six sales were recorded above R1.8 million to around R2.9 million, which was paid for a three bedroom apartment in the Empire on Beach Road that was sold for the full asking price. This is also the highest number of R1.8 million-plus sales recorded here.
Lee says property values continue escalating remarkably. The historic village area is especially experiencing high demand, and now has an entry-level price of R1.8 million, more than six times the average of R195 000 to R250 000 of ten years ago.
The picture at Marine Estate is similar. Ten years ago, a family home could fetch R500 000 to R850 000. Today, the entry-level price for an older home is R1.2 million.
This apartment offers three bedrooms, two bathrooms, a kitchen, lounge, dining room, parking for two vehicles and security. It is currently priced at R2.97 million – click here to view.Meanwhile, the rate per square metre paid for sectional title property too is beginning to rival that of the Cape Town CBD. Units at the Empire on Beach Road have, for example, achieved between R16 406 per sqm (128sqm unit) and R20 109 per sqm (92sqm unit) while units at the MelroseVillage have achieved up to R15 584 per sqm (77sqm).
Even at these higher entry-level prices, buyers are literally queuing up, she says. The demand is coming from everywhere. “Locals are trading up and we continue seeing new people moving in as they discover the wonderful lifestyle and welcoming community. Foreign buyers too have made a welcome return. All round, it seems to be a case of smart buyers investing in what they see as an area poised for excellent value growth.”Meanwhile, the rate per square metre paid for sectional title property too is beginning to rival that of the Cape Town CBD. Units at the Empire on Beach Road have, for example, achieved between R16 406 per sqm (128sqm unit) and R20 109 per sqm (92sqm unit) while units at the Melrose Village have achieved up to R15 584 per sqm (77sqm).
This 99sqm apartment has two bedrooms, two bathrooms, a balcony, parking for one vehicle and security. It is on the market for R1.5 million – click here to view.Aside from the sales prices reaching ever higher heights, rental prices have increased from an average of R5 500 to R8 500 and in the complexes of Muizenberg East, from R3 500 to R7 500.
For those motivated to sell, now is an excellent time, but be sure to work with a credible agent who understands the market and knows what is in demand and at what prices.
A number of factors have driven the demand and value, says Lee. Top of the list is community involvement. Added to this, safety and security, and responsible property development in the small area.
Whether you enjoy jogging or cycling in the mountain areas or surfing and lazing around the Blue Flag beach, there is something for everyone here.
Aside from good schools, shopping facilities and medical care, there is no shortage of trendy restaurants and hang-outs, with Tiger’s Milk being the latest exciting addition to the beach front. Even night owls enjoy the vibrancy of the nightlife, which is one of the great attractions of the area.
And, it is not just surfers who have dug in their heels in the area, says Lee. While still popular with the bohemian set, residents now range from actors and models to innovative chefs and even an opera singer.
