So, how’s the property market?

So, how’s the property market?

The Central Southern Suburbs is still one of the most sought after residential real estate pockets in the Cape and probably among the best to invest in. The number of sales in the Southern Suburbs has increased by about 20% in the last year.

Catering for a diverse age population and the myriad surrounding amenities, it has something for everyone from student flats, priced at around R1 million to beautiful family homes that command as much as R80 million.

In the “upper” areas – that is, everything above the railway line – prices currently start at around R2,5 million for a modest 2 bed cottage or town house needing renovation and can top R30 million for a mansion with antiquity on large grounds or R65 million for a palatial home in Bishops Court.

Noted for its sporting facilities, upmarket shops and top class schools, from pre-schools (a much needed new one due to open in Newlands in 2017) to post graduate education as well as its greenery and genteel weather, the area retains its reputation for the best suburban living.  Most properties double in value every five years and some investors achieve even more when ‘flipping’ properties that they have tastefully renovated.

Strike while the iron is hot

House in Fernwood Estate, Newlands

With an abundance of buyers, anything new coming on the market is sold quickly, provided of course that the asking price is not inflated unrealistically above market value.

For example, we recently sold a 3 bed cottage in Palmboom Road, Newlands for R6,6 million within just 3 days of listing, proving the popularity of this road in particular and the Village in general hasn’t waned.

Another of our resent sales was the modest home pictured here, located on one of the best sites in Fernwood Estate, Newlands.  This was snapped up within just a week for R9 million by a cash buyer from Gauteng who is making a move to the Cape for an improved lifestyle. They will be investing a further R5 million next year on upgrading the house.

To buy or to rent?

In our large rental portfolio we lease flats from as little as R4,000 per month for a small garden flatlet and houses for up to R50,000 per month.  None of these stay on the market for very long either as the demand remains high.  Most of them are let for at least a year at a time and unfurnished accommodation is the most prevalent.

If you would like to know more, please get in touch with us via email – [email protected] or call us on 021 6715679, cell 0832266805.