Luxury residential real estate on the Atlantic seaboard is performing well despite negative market outlooks, this according to Billy Rautenbach, residential sales manager for Seeff’s Atlantic Seaboard and City Bowl operations.
Rautenbach revealed that Camps Bay and Bakoven are the stand-out areas at the moment, recording sales in excess of R1bn, with the suburbs achieving its highest sales turnover to date, in 2015. Average sales price in the suburbs ended on R10,8m last year, 29% higher than the average sales price of R8,4m recorded the previous year.
Freehold houses were the biggest seller in both Camps Bay and Bakoven, accounting for 47% and 53% of all freehold sales in the top four luxury suburbs of the Atlantic Seaboard for the period starting 2014 to the end of the third quarter of 2015. Camps Bay and Bakoven also topped the luxury suburbs for apartment sales, accounting for 37% of the total value of apartment sales. This amounted to R808m (120 units) compared to R569m (96 units) for Bantry Bay and R288m (62 units) for Clifton.
According to Rautenbach this growth is attributable largely to a higher demand for luxury homes, with some 40 properties selling above the R10m price band at an average price of R16,97m. The favourable market conditions for sellers are set to last, believes Rautenbach, who said that there is no shortage of buyers, almost across the price bands.
Photo: Luxury home on Theresa Ave, in Camps Bay, sold for R30m by Seeff