Weekend Argus (Saturday Edition)
Limited stocks are boosting Fish Hoek’s home prices
HOME prices in the False Bay suburb of Fish Hoek have risen by as much as 30 percent in the past year thanks to a growing shortage of stock.
So says Keith Searle, owner of the RealNet Southern Peninsula franchise, who notes that demand now definitely exceeds supply, especially in enclaves such as Capri, Glencairn, Milkwood Park and Faerie Knowe.
“Not long ago, homes in these areas could be bought for under R1 million, but currently there is nothing available for less than R1.5m.”
Homeowners here are aware of the steep rise in prices, but most are not willing to sell, he says, and a lack of new development in recent years has exacerbated the stock shortage and put further upward pressure on prices.
“However, buyers seem more than willing to pay current prices because of the peaceful beachfront lifestyle that Fish Hoek offers and the expansive sea views afforded by many homes here. In addition, Fish Hoek still offers some of the very best value in the whole of Cape Town for comparable properties and facilities.”
Searle also says that the buyer profile in Fish Hoek is changing. “Senior citizens buying homes for their retirement used to be in the majority, but there has been a strong trend lately for buyers between 30 and 50 to move to Fish Hoek with their schoolgoing children. We have also seen a significant contingent of buyers from Gauteng who appreciate the relative affordability of Fish Hoek.”
Located as it is between two mountains and the sea, the suburb has limited land for development, but there are still stands available for those who would like to build their own homes with views over False Bay, at prices from around R400 000, he says.
“And there are two new developments under way now – one in Capri Avenue and one on Ou Kaapse Weg – that may take some of the pressure off the market.
“Fish Hoek has good schools and medical facilities and new residents can also look forward to upgraded water systems and a new mall opposite the Longbeach Mall, with Checkers Hyper as the anchor tenant. Due for completion by the end of the year, this will also house a Virgin Active gym and a DisChem outlet.”