CAPE COASTAL SUBURBS: PROPERTIES, PRICES & LIFESTYLE
Category Property News
The numbers of buyers from out of town are ever increasing (according to reports from FNB property economist John Loos) and coastal homes are always first prize for those moving to the Cape from other areas, but living close to a beachfront (or on it) often has the reputation of being out of reach of many pricewise.
Many might think one coastal suburb to another will offer much of the same but if one drives along the coast from the Western Seaboard, on to Sea Point along the coast through Hout Bay, and then over to Muizenberg, one will notice a vast change in types of properties for sale, as well as the lifestyle each area offers, and it can safely be assumed that this diversity is why Cape Town is such a popular place for people to settle, says Nelio Mendes, sales manager of IHPC estate agents.
“Along with lifestyles and property types, comes vast price differences, and we’ve highlighted below the benefits of some key areas as well as what they have to offer,” he said.
In Blouberg, there is a mix of sectional title and freehold property, both in estates and freestanding – with much emphasis on a beach and watersport lifestyle, particularly kite surfing, and the majority who buy here are between the ages of 50 and 64. There is, however, a large buyer base (27%) in the 36 to 49 age bracket. The attraction of Blouberg properties is they are within a few minutes of the beach – if not directly on the beachfront – while paying average prices that are still affordable to many homebuyers. Recent Lightstone data lists the median selling price of freehold property in Blouberg as just over R5 milion, while the average sectional title value is around R2,9 million. Blouberg has the benefits of having a holiday atmosphere, and many are willing to commute every morning to the CBD or northern suburbs, even though the traffic might be heavy, said Mendes.
Sea Point is a densely populated suburb with the typical hustle and bustle of city living and a cosmopolitan feel. It has much less freehold property than other suburbs and the majority (87,55%) is in sectional title schemes. Sea Point grew as a residential suburb in the early 1800s. Most of the apartment buildings are old and while many have been renovated, there are still many that are in need of revamping or modernising. The apartment sizes in Sea Point are bigger though in comparison to many of the newer developed areas, which is often the drawcard here, said Mendes.
The majority of recent buyers in Sea Point, according to LIghtstone, are in the mature age bracket, from 50 to 64 years of age, with 30% being 36 to 49 years old. Property in Sea Point is similarly priced to that of Blouberg, with freehold property selling at a median of R5,6 million and sectional title around R2,9 million.
Hout Bay is popular with both the horsey set and those wanting water sport facilities, and, with 27 suburbs to choose from, has a vast range of pricing as well as property types for sale. Median rices here range from R1,5 million for sectional title units to R3,5 million for freehold property and R4,576 million for freehold properties in estates. A high percentage (42%) of the buyers in Hout Bay are in the 36 to 49 year age bracket with 30% being 50 to 64 years old.
Muizenberg is well known for its surf and long stretch of beach (as well as the warmer water), and it is one of the areas that is ideal for young families as the property prices here are still very affordable in comparison with many other coastal suburbs. It has a “hippy” vibe and life seems a little slower and relaxed here, said Mendes. The median property price for freehold property (which most of the property here is) is R2 042 000 and for sectional title R746 000.
Figures of recent buyers in Muizenberg indicate that younger buyers are moving to this area, the majority in the 36 to 49 year age bracket (43%) and 30% from 18 to 35 years old.
“As can be seen, there are properties to suit the average buyer in some coastal suburbs, as they are not all in the luxury or super-luxury categories such as Camps Bay, Bantry Bay or Clifton. In all these areas there are good schools nearby, most of the amenities one could want, as well as being a reasonable distance to the CBD of Cape Town. Anyone wanting a seaside lifestyle could consider these suburbs as possibilities, as there are many options available,” said Mendes.
Author: IHPC
