Weekend Argus (Saturday Edition)
Making the most of the coast
Cape Town’s seaside suburbs offer diversity in property types, prices and lifestyle
THE NUMBER of Cape Town buyers from out of town is constantly increasing, according to reports from FNB property economist John Loos, and homes on the coast are always first prize for those moving from the upcountry provinces.
However, living close to – or on – a beachfront usually carries a hefty price tag and is out of reach of many buyers.
“Many people might think one coastal suburb is pretty much the same as another. But if you drive along the coast from Melkbos and Blouberg on the Western seaboard to Sea Point on the Atlantic seaboard and on through Llandudno and Hout Bay, and over to Muizenberg and the other False Bay suburbs, you will see there is a vast change in types of properties for sale. The areas also differ enormously in lifestyle, and it’s easy to assume this diversity is why Cape Town is such a popular place for people to settle,” says Nelio Mendes, marketing manager of IHPC estate agency.
“Prices in the different suburbs vary in keeping with lifestyle and property types, and the key areas have many distinct benefits,” he says.
In Blouberg, there is a mix of sectional title and freehold properties, in estates as well as freestanding. The emphasis here is on a beach and watersport lifestyle, particularly kite surfing, and most people who buy here are between 50 and 64.
However, there is a large buyer base (27 percent) in the 36 to 49 age bracket. The attraction of Blouberg properties is they are within a few minutes of the beach – if not directly on the beachfront – and the average prices are still affordable for many homebuyers.
Recent Lightstone data lists the median selling price of freehold property in Blouberg at just over R5 million, and the average price for sectional title property is around R2.9m. Blouberg has the benefits of having a holiday atmosphere, and many residents are willing to commute every morning to the CBD or northern suburbs, even though the traffic might be heavy, says Mendes.
Sea Point is a densely populated suburb with the typical hustle and bustle of city living and a cosmopolitan atmosphere. There are fewer freehold properties than most other suburbs with 87.55 percent of homes in sectional title schemes. Sea Point grew as a residential suburb in the early 1800s. Most of the apartment buildings are old and though many have been renovated, there are still a number that are in need of modernising. Apartment sizes in Sea Point are bigger though compared to many of the newer developed areas, which is often the drawcard here, says Mendes.
According to Lightstone the majority of recent buyers in Sea Point are in the mature age bracket, from 50 to 64, with 30 percent being 36 to 49 years old. Property in Sea Point is similarly priced to that of Blouberg, with freehold property selling at a median of R5.6m and sectional title around R2.9m.
Hout Bay is popular with the horsey set and those who want watersport facilities, and, with 27 areas to choose from, has a vast range of pricing as well as property types for sale. Median prices here range from R1.5m for sectional title units to R3.5m for freehold property and R4.576m for freehold properties in estates. A high percentage (42 percent) of the buyers in Hout Bay are in the 36 to 49 year age bracket with 30 percent being 50 to 64 years old.
Muizenberg is well known for its surf and long stretch of beach. It is also one of the areas that is ideal for young families as the property prices here are still affordable compared to other coastal suburbs.
“The median price for freehold property – which applies to most properties here – is R2.042m and R746 000 for sectional title. Figures for recent buyers in Muizenberg indicate that younger buyers are mov- ing to this area, most of whom are in the 36 to 49 year bracket ( 43 percent) and 30 percent from 18 to 35 years old.”
“There are definitely properties to suit average buyers in some coastal suburbs, as they are not all in the luxury or super-luxury categories such as Camps Bay, Bantry Bay and Clifton. In all these areas there are good schools nearby, most of the amenities you could want, as well as being a reasonable distance to the Cape Town CBD.”