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Will Tamboerskloof breach an average home price of R10m?

45-leeukloof-tamboerskloof-02The Cape Town City Bowl suburb of Tamboerskloof has seen its average house price increase from just under R3m in 2010 to almost R7m by the end of 2015.

This is according to Brendan Miller, Lew Geffen Sotheby’s International Realty Atlantic Seaboard and City Bowl CEO, who said the sales recorded on Propstats reveal that during the first quarter of 2016 the average house price increased to R8,4m, jumping again to just over R10m by the end of June.

“Although there has been a slight dip in sales this year, property values have remained stable, especially in the lower to mid-markets, while the most sought-after pockets have continued to achieve solid growth,” said Millar, with Tina Katz, freehold area specialist for Lew Geffen Sotheby’s International Realty, attributing the suburb’s market strength to several key factors which have seen Tamboerskloof become one of the city’s most sought-after residential destinations.

“Although Tamboerskloof enjoys the same convenient proximity to the CBD as the rest of the City Bowl, its prime position against the slopes of Signal Hill affords residents a more peaceful, suburban lifestyle which is especially appealing to families with children,” she said. “And unlike areas like Vredehoek and Gardens where smaller houses and semi-detached homes are common, most of the freestanding properties in Tamboerskloof are spacious, double-storey Victorian houses on sizeable stands, interspersed with ultra-modern designer homes.”

Katz adds that freestanding homes only account for 36% of the properties in Tamboerskloof.

Mikaela Pace, sectional title area specialist for Lew Geffen Sotheby’s International Realty, says that the comparative affordability of sectional title properties in Tamboerskloof has ensured that sales volumes in this sector have remained steady.

“During the past three months, between May and July this year, 14 apartment sales realised an average sale price of R2,92m, which was up from an average sale price of R2,66m realised during the previous 12 months ending 31 July,” said Pace. “During both periods, the mid-market R1,5m to R3m price band was most active with six and 29 sales respectively.”

Photo: This two-bedroom house is high up in Tamboerskloof in a quiet cul-de-sac, and is on the market for R16,75m. It has a study/third bedroom as well as separate staff quarters/work space, a wine cellar and a stunning outdoor entertainment area.




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