Average home prices are up by R1,6m in 2015 on 2014 in the small enclave of Constantia Upper. They now rival Bishopscourt in terms of demand and price achieved, say Seeff agents in the area.
Constantia Upper is defined as that area that stretches from Constantia Main Road and is bordered by Rhodes Drive, Spilhaus Avenue and Spaanschemat River roads.
Seeff’s team of Marie Durr, Priscilla Young, Janine Stevenson and Liza Snijman, has just clinched the sale of a luxury home in Klein Constantia for R33m, the highest price achieved in the southern suburbs since the start of the summer.
Constantia Upper is one of the few areas where there has been no let-up in the demand for property, say the agents. According to the latest data from Propstats, some 80 property transactions worth over R800m were recorded in 2015, very similar in volume terms to 2014.
“The average sales price was over R10m, a phenomenal R1.6 million up from the R8.4 million average of 2014.”
About forty percent of all sales now top the R10m mark with the R10-16m range being the most in demand.
Marie Durr says that the influx of people from other provinces into the Cape metro has boosted demand with about 20% of sales being to outside buyers. They are not just from the Johannesburg area, but also from KwaZulu-Natal and as far afield as the UK, Switzerland and Germany.
“We are currently working with about 50 buyers who are looking in the R15m-plus bracket in our upper end. We are also seeing quite a few high end investors buying in Constantia,” she says.
Most are cash buyers, something that is a welcome trend for sellers, add the agents. In terms of prices, the trend is that where properties are accurately priced, they sell for just about or full asking price. Our recent sale in Klein Constantia Road for R33m was just 5% below the asking price of R35m.
The location and lifestyle are the two key draw cards. The leafy oak-tree lined streets and laid-back country lifestyle have become highly sought-after.
Constantia falls within the so-called ambassadorial belt and is also popular for foreign embassies and consulates and of course for housing foreign dignitaries, according to Durr, who has operated in the area for 40 years.
(Photograph: Old Klaasenbosch Winery in Constantia Upper being marketed by Seeff for R16,5m)