Freehold houses in Sea Point and Green Point in Cape Town are still "hot sellers".
This Green Point home offers three bedrooms, five bathrooms, three lounges, fitted kitchen, air-conditioning throughout, underfloor heating, built-in bar and double garage. It is on the market for R15.995 million – click here to view.This is according to Seeff agents, Jessica Rother and Debbie Koping, who say, however, houses are still in short supply.
Thus far, there has been no notable slowdown in this sector of the market. On the contrary, the agents say the average freehold selling prices are up year-on-year by some R1.4 million in Sea Point and R2.1 million in Green Point.
Freehold property sales in Sea Point for the year ending July 2016 amount to 27 units sold to the value of just over R170 million at an average selling price of R6.3 million according to the latest Propstats data. Sales range to as much as R10 million in St Johns Street, R10.5 million in Battery Crescent and R16 million in Main Drive.
Activity in the suburb is still much on par with last year, save for the average sales price that is up considerably, from just over R4.9 million for the previous 12-month period (i.e. August 2014 to end of July 2015) to about R6.3 million, thus some 29% higher this year.
Although they are beginning to see a lengthening of the number of days that Sea Point houses are spending on the market, the majority of sales are still concluded within about four to six weeks.
Neighbouring Green Point meanwhile is just as busy as ever when it comes to the freehold sector of the market, but the average sales price has spiked. According to Rother and Koping, it is now R2.1 million higher compared to the previous 12-month period.
Situated on 783 square metres of land, this house has four bedrooms, three bathrooms, two fireplaces, and a double garage and additional parking for two cars. It is selling for R12 million – click here to view.Here, some 26 units worth just over R199 million have sold over the last year at an average selling price of R7.6 million, a phenomenal R2.1 million or 38% higher than the R5.5 million average of the preceding 12-month period.
This also outstrips the Sea Point average freehold house price by R1.3 million.
Green Point sales include two vacant stands that have sold at R5.1 million for 206 square metres and R5.25 million for 301 square metres respectively.
Houses in the suburb have sold for up to R10 million in Ben Nevis Road, R10.3 million in Merriman Road, R10.5 million in Roos Road, R12 million in Chepstow Road, R14 million in Vesperdene Road, while Ocean View Drive sales reached R12.5 million and R14.7 million.
According to Rother and Koping, house prices in Green Point now can comfortably range above the R10 million price point to about R16 million for a fabulous location, stunning views, three bedrooms, three lounges and a swimming pool with a pool house.
Green Point houses are also beginning to take a little longer to sell, but these are often those at the higher end of the price scale. In general, well-priced homes can still sell within about 55 days on average.
This Sea Point property offers three bedrooms, three bathrooms, open-plan living and dining areas, wine cellar, staff accommodation and secure parking for two vehicles. It is priced at R10.75 million – click here to view.The agents say sellers in both suburbs are still getting good prices, often only about five percent below their asking prices.
The Atlantic Seaboard is now seen as the top area in the country and buyers are still flocking to suburbs such as Sea Point and Green Point.
Rother and Koping say many buyers are from the Johannesburg area and are looking for good sized family homes. They say these suburbs are favoured for their excellent location and fabulous selection of amenities. The street café culture and proliferation of shops, convenience stores and other services are a big drawcard as is the close proximity to the CBD, Waterfront and Camps Bay and Clifton beaches.
Sea Point and Green Point have seen some of the most robust value growth on the Atlantic Seaboard.
“Entry-level prices for freehold houses continue climbing, although we now expect the rate of price growth to slow in view of the economic climate.”
Rother and Koping say sellers still looking to capitalise on the good demand, are advised to do so without delay. They do not know how the economy and market will unfold by year-end, and buyers may just miss out on an opportunity to still get a good price, they say.
