Si­mon’s Town and Glen­cairn home prices back on par with 2008 peak

Weekend Argus (Saturday Edition) - - PROPERTY -

AL­THOUGH there have only been 34 prop­erty sales this year in Si­mon’s Town and Glen­cairn, the aver­age price achieved for free­hold homes in S i mon’s To wn h a s b e e n R2.578 mil­lion and in Glen­cairn R1.3m.

Ac­cord­ing to Light­stone’s fig­ures, this shows prices are on a par with those achieved at the peak in 2008, says Chris­tine Crow­ley, an agent in the Raw­son Prop­erty Group’s Si­mon’s Town of­fice

“Since 2006 Si­mon’s Town’s aver­age prices have been among the stead­i­est in the coun­try, never drop­ping be­low R1.7m. Also, the area has had al­most no sales in ex­e­cu­tion – on aver­age only one a year. I’m sure cer­tain per­cep­tions about the area will be chang­ing in the near fu­ture,” says Crow­ley.

“Si­mon’s Town has been re­garded by many as a vil­lage in which to re­tire, but al­though re­tired peo­ple are still prom­i­nent among our buy­ers, most are look­ing for hol­i­day homes or places in which to live and work, and then com­mute up the line or around South Africa,” she said.

The naval dock­yard em­ploy- ees don’t buy homes in the area be­cause Si­mon’s Town homes are too ex­pen­sive for most of the staff.

In Si­mon’s Town and Glen­cairn, she says, the big de­mand is for houses priced from R750 000 to R2.3m. How­ever, in Si­mon’s Town some 90 per­cent of properties are priced above R2m, and the agency has just sold one for R7.5m.

In his­tor­i­cal cen­tral Si­mon’s Town, homes usu­ally sell for be­tween R2m and R5m.

Free­stand­ing homes i n Glen­cairn sell for be­tween R750 000 and R2.3m.

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