CT Southern Suburbs: Here’s where you can still buy for under R2m
Cape Town’s surging property values, spurred by the growing demand from the semigration trend the metro is experiencing has resulted in a stock shortage for affordable entry-level suburbs in Cape Town’s Southern Suburbs. This is according to Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty.
“Steep price increases during the past five years have significantly raised the entry level point in this popular suburban area with entry level prices in suburbs like Rondebosch and Claremont now on a par with mid-level price bands in many comparative neighbourhoods in other metros,” explained Geffen. “Houses in the R1,5m to R2,5m bracket and apartments for less than R1,5m have become rare commodities and when they do come onto the market they are often snapped up within hours.”
However, buyers who are willing to look a little further afield still have a small but shrinking window of opportunity to buy a family home for under R2m without a bun fight on the first day of its release.
Steve Thomas, the Franchise Manager for Lew Geffen Sotheby’s International Realty in False Bay and Noordhoek, says that False Bay, Fish Hoek and Noordhoek properties tend to be more affordable at family-size entry level than most other suburbs in Cape Town’s south.
Fish Hoek offers apartments for less than R1m, while three-bedroom homes sell for between R1,9m and R2,4m.
According to Thomas sectional title properties that are put on the market in his area through channels such as Property 24 will normally receive 20 to 30 responses from interested parties within the first few hours, while the more expensive freehold houses will elicit an average of 15 responses within the first week.
“It’s no longer unusual this year to sell properties within a day of going to market, and we’ve had buyers who have put in offers to purchase sight unseen, often just on the basis of a friend or relative going to view the property for them and making a recommendation,” he added.
Top photo: Panoramic view of Fish Hoek. Here’s why you should be careful when buying that dream ST property with the low monthly levy