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The growing demand for accessibly priced family homes in Cape Town’s Southern Suburbs has triggered stock shortages in some areas, and it also continues to drive record median house prices in spite of the slowdown of the South African economy.
Plumstead not only achieved record median house prices last year (R2.388m) and again this year (R2.562m), in January, Glynis Kareklas, Area Specialist for Lew Geffen Sotheby’s International Realty, also realised the highest ever sale price of R5.6m for a property withan erf size of 1648m²and three dwellings.
“The most active price range, however, is R2.5m and below, and homes with a granny flat are usually snapped up immediately,” says Kareklas.
“Plumstead has become a very vibrant suburb in recent years, with more and more young families and up-and-coming professionals moving into the area, mostly buying homes that the older, existing residents are selling in order to downsize.
“The suburb offers them myriad draw-cards, not least the fact that it is home to three primary schools and a high school as well as several crèches, as well as being in close proximity to many of Cape Town’s best schools including the renowned Bishops Diocesan College, Herschel Girls’ and Wynberg Schools’ campuses.”
Lightstone data further reveals that the median house prices in Lakeside also achieved record highs, both last year (R2.45m), and again this year when it reached R2.57m before the end of March. And in 2021, house registrations jumped from 26 in 2020 to 50, the highest it’s been since 2015 (54).
SOUGHT-AFTER VALUE: Stock shortages are driving selling prices in Cape Town’s Southern Suburbs and this versatile family home in Kirstenhof with a separate flatlet recently sold for the full asking price of R3.75mKirstenhof saw both the median house prices and number of registrations also hit record highs last year at R2.815m and 86 respectively.
Both suburbs have become very popular with a broad variety of buyers, say Dawn Bloch and Lee-Ann Davis, the group’s Area Specialists: “We’re receiving more enquiries and concluding more sales with young families upgrading from apartments, older buyers downscaling from family homes and families looking for homes to accommodate extended family and working from home or have income-producing potential.
“Around 20% of our recent buyers were semigrants and, interestingly, we have also seen a rise in enquiries from foreign investors. We recently sold a Lakeside property to a Dutch buyer who wanted a holiday home that could double as an Air bnb rental.
“Our busiest price bands during the past few months have been R2.8m to R3.75m in Lakeside and in Kirstenhof, from R3.75m and upwards but there is currently a shortage of available stock.”
According to Bloch and Davis, these suburbs have not only gained in popularity because they offer value; they also boast a number of very appealing drawcards: “Lakeside offers an enviable lifestyle with it’s beautiful views, parks, shopping centres and a close-knit community and nearby Zandvlei Reserve and Muizenberg beach provide for leisure and sport activities.
The keen buyer interest is evidenced by the fact that Bloch and Davis are regularly selling homes that are priced above the median house prices.
“In Lakeside, our recent sales include houses for R3,075m, R3 080m, R3,175m and R3,670m and in Kirstenhof we have just sold a property for the full asking price of R3.75m within 24 hours of listing.
Bloch adds that in Zandvlei, which has maintained a very consistent median house price of between R2.2m and R2.4m since 2016, they have recently sold homes for R2,8m and R3,1m, both of which records at the time.
In neighbouring Meadowridge, the 2021 median house prices was the highest it’s ever been (R3.65m) with the number of house registrations also spiking to a record number (55) last year, with the previous high being 51 registrations in 2013.
The Bergvliet market has also rebounded well and by March this year, with the highest number of house registrations recorded (70) since 2015 when 71 houses were registered.
According to Leonie Wosk and Sally Fidler, Area Specialists for Lew Geffen Sotheby’s International realty, the market in these two suburbs has been very active during the past year, with correctly priced homes selling very quickly, often within two weeks of listing.
“Buyers are mainly young families looking for a secure lifestyle and value for money along with convenience and close proximity to good schools and amenities.
“And with a shortage of land for further development, we’ve started to see stock shortages in our area for the first time in a number of years.”
They add that homes that allow for multi-generational family living and working from home are very popular, especially those with self-contained flats and that double garaging and sizeable gardens for outdoor living are also perquisites for many buyers.
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