Constantia, one of Cape Town’s most affluent suburbs, is experiencing demand in the 35 to 45 age group, according to Gerald Romanovsky, sales agent at the Rawson Property Group’s Constantia franchise. “A lot of buyers are coming from busier parts of the city, but are looking for a quieter, more natural environment in which to raise children. Urban living can be great for singles and young couples, but it’s not always very child-friendly.”
While it may come as a surprise that people within this age group can afford Constantia prices – often in the eight-digit range – particularly with the increases in transfer fees and interest rates, and the relatively high municipal rates in the area, but Romanovsky said a lack of buyers was not a problem.
“We are still struggling to get enough stock to cater to demand, particularly in our most popular price bracket of R8m to R10m,” he said. “Anything below R5m is as rare as hen’s teeth. Growth in this price range is good, and we’ve seen nominal appreciation of around 8% over the last year. Our top-end properties aren’t seeing the same movement, and are fairly static at present.”
Buyers want four bedrooms, a manageable but spacious garden – preferably with a borehole – a quiet location, a north-facing aspect, and plenty of parking.
Stock is mostly coming from long-term residents who are scaling down and moving to retirement villages, according to Romanovsky. This means there are great opportunities to renovate older homes, and even subdivide larger properties.
“There are still a lot of old Constantia homes from the 1960s and 1970s which are slowly being brought up to modern standards, or demolished and replaced with contemporary designs,” he said. “We’re not totally exempt from the trend of densification either, and we expect to see quite a few more compact homes and even retirement villages being built in the area.”
While this may seem counterproductive to Constantia’s spacious, bucolic appeal, Romanovsky believes that developments in the area will strive to maintain the typical Constantia feel. “We definitely have a particular type of buyer here, and high-density living is not their thing. There is room for a few more low-maintenance options however.”
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