When Zanny Muller, one of the Knight Frank agents specialising in property sales in the Rondebosch area (working with Jeanne Cowan), first started working in the suburb, she was surprised by the demand for property here, no matter how high the price seemed to be at the time. This was around the year 2010, when the majority of buyers were looking for family homes priced in the R4,5m bracket that were in close proximity to good schools and UCT.
Things are much the same now, says Muller, except that the prices are well up and so is demand. Potential buyers here now look in the R7,5-8m bracket, which is more or less the price for a family home on the “Golden Mile” on a plot of ±1,000m2.
The average price in 2010 in Rondebosch, according to website CMA (Comparative Market Assessment) Info was R2,627,543, and the current average is now R 4,871,428. By comparison, the City of Cape Town average property price for 2015 was R1,765,381. Prices in Rondebosch increased by 13,28% in 2015 and it has recorded similar double-digit growth in other years since 2011, specifically in 2011 (15,02%), 2013 (16,02%) and 2014 (9,38%). According to CMA, prices dipped in 2010 (-3,32%) and 2012 (-2,63%).
Buyers don’t mind spending higher sums of money in Rondebosch, says Muller, and popularity now far exceeds that of many other previously well-known southern suburbs. In previous years, many strove to live in Constantia on large properties and commute to schools or university, but the trend now seems to be for families to want to live on smaller grounds and literally within minutes of their destination. Many also do not seem to be overly concerned about whether a home needs renovation to make their perfect home, she says, as it is quite difficult to overcapitalise here.
There is a spread of property values in Rondebosch, the low range average for 2015 was R2,360,814, the middle range R3,967,778 and the high range home average R15,300,000.
PropStats (the Institute of Estate Agents Western Cape property data service) figures indicate that the current average sales price is R7,168,600, taking the sales from January this year to date, with homes selling at a 5% difference between the asking and selling price. However, according to Knight Frank, PropStats data is reliant on estate agents’ input and might differ from other services in that not all sales in that area might be recorded, unlike CMA’s, which is based on deeds office information.
(Photograph: A neo-Tudor home in Rondebosch being marketed by Knight Frank for R7,8m)