Home / News  / Zwaanswyk market even stronger after the fire

Zwaanswyk market even stronger after the fire

129zwaanswyk-11The Cape suburb of Zwaanswyk, which was ravaged by last March’s Cape Peninsula fires, has completely. In fact, all homes and fences have been repaired and dead trees removed, while the post-fire property market has remained steady.

Dawn Bloch, area specialist for Lew Geffen Sotheby’s International Realty, who has brokered all four of the sales registered this year, said: “Almost immediately after the fire last year I sold two properties right next to the forest, including one home that was very badly damaged.”

Bloch said this is attributable to Zwaanswyk being one of the few remaining areas in close proximity to the city which still offers equestrian estate-sized erven on which residents can stable their horses, ride safely in the area and enjoy a true country lifestyle. There is also very little available stock to meet the demand as the suburb consists of only 124 properties.

“Plots now sell for up to R7m, depending on position and views, which is around R1m higher than a year ago,” she said. “And, while it was previously possible to buy an older house from around R8,3m, there is simply no stock available at present in this price bracket. Houses now sell for around R12m and upwards, with the top end of the market selling at R30m.”

The buyer demographic is also changing and Zwaanswyk is attracting more overseas and upcountry investors, with two of Sotheby’s most recent sales going to a Johannesburg-based family and a Finnish investor. The R25m-plus bracket is currently attracting predominantly overseas buyers, too.

“There is very little greenfield land left for development and, although subdivision of larger erven to around 3,350m² is allowed, the formal process takes at least two years and requires the services of a land surveyor as well as the consent of neighbours,” said Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, noting that most Zwaanswyk residents would prefer to retain the rural atmosphere of the area and are not keen on subdivision or development.

Photo: Set in a beautifully landscaped garden, this home has four en-suite bedrooms and boasts spectacular views of False Bay and the lush valley. It’s on the market for R17,950,000. 


Review overview