Fine open­ings ex­ist for first time buy­ers

Ot­tery and Grassy Park lure prop­erty value seek­ers to the south­east­ern side of the city

Weekend Argus (Saturday Edition) - - PROPERTY -

WHILE the average house price across the coun­try con­tin­ues climb­ing above R1m, es­pe­cially in the Cape metro, it is re­fresh­ing to know that there are still plenty to buy be­low this level on the south­east­ern side of the city.

Two of th­ese ar­eas are the neigh­bour­ing sub­urbs of Ot­tery and Grassy Park that rank among the most af­ford­able and sought-af­ter sub­urbs, es­pe­cially for first time buy­ers, ac­cord­ing to Gary Grobbe­laar, chief ex­ec­u­tive of Se­eff ’s op­er­a­tions in the False Bay and south­east­ern sub­urbs’ ar­eas.

“The south­east­ern sub­urbs are the fastest sell­ing ar­eas in the city with prop­er­ties spend­ing about four weeks on average on the mar­ket,” he says.

“While low on price though, Ot­tery and Grassy Park, score high on value as well as ac­cess and fa­cil­i­ties.”

The sub­urbs are next to the M5, and Grassy Park ex­tends right down to the beach. Th­ese ar­eas form part of what is tra­di­tion­ally re­ferred to as the Cape Flats.

Res­i­dents en­joy a laid-back life­style, ac­cess to ex­cel­lent in­fra­struc­ture, views of the False Bay coast­line, Ta­ble Moun­tain and the south­ern sub­urbs.

Agents Lynette Bartle­son and An­toinette Hart­nick say that Ot­tery has about 4 500 res­i­dents. There are 1 491 free­hold houses, about 247 sec­tional ti­tle com­plexes and a few es­tate houses in the area. Al­most half of all re­cent buy­ers are un­der the age of 35 and they are quite of­ten first time buy­ers.

Grobbe­laar says the average price of a free­hold house is still around R1m and around R700 000 for sec­tional ti­tle units, ac­cord­ing to the lat­est Light­stone trans­fer data. How­ever, prices have risen year-on-year and are now about 50 per­cent higher than in 2010.

The agents says an ad­van­tage for buy­ers is the di­verse se­lec­tion of prop­erty on of­fer, from small two-bed­room cot­tages priced at around R400 000 to three-bed­room houses priced from R750 000 to R1 mil­lion. Prices for larger, more modern houses though range to about R1.7m for four bed­rooms.

Sec­tional ti­tle prop­er­ties are quite hard to come by with prices start­ing at R300 000 for a two-bed­room flat and range to about R700 000 for a three-bed­room town­house.

More than 90 per­cent of the work­force in the area are em­ployed and al­most 70 per­cent of homes have been in the same hands for 11 years and longer, say the agents.

There are sev­eral sub-ar­eas in Ot­tery with Royal Cape rank­ing the high­est in value, fol­lowed by Wood­lands Park, Fer­ness, Ot­tery East and Wet­ton.

Ot­tery of­fers its res­i­dents ex­cel­lent ac­cess to ameni­ties in­clud­ing schools such as Fern­dale and Battswood Pri­mary Schools and Ot­tery High, along with shop­ping fa­cil­i­ties such as China Town, the Ot­tery Shop­ping Cen­tre and Value Cen­tre. There is also a Craw­ford Cam­pus, a po­lice sta­tion and a new driv­ing li­cence test­ing cen­tre.

The Palms is a new se­cu­rity es­tate with two and three-bed­room town­houses priced from R699 000 to R899 000 in the Fer­ness Es­tate area of Ot­tery.

Neigh­bour­ing Grassy Park is sur­rounded by fyn­bos and a di­verse range of wildlife, wet­lands and lakes on the one side and the sea to the other, on the False Bay coast. The area has al­most 15 000 res­i­dents and a very sta­ble con­tin­gent of prop­erty own­ers with al­most 70 per­cent own­ing their homes for 11 years and longer ac­cord­ing to area spe­cial­ist, Denise Walpole.

Here too, it is free­hold houses that dom­i­nate the area with 3 492 units along with 369 sec­tional ti­tle units.

“The free­hold house price for Grassy Park is around R850 000, up by over 30 per­cent since 2010 and the average sec­tional ti­tle price is R230 000, which has re­mained quite flat over the last few years,” says Grobbe­laar.

Walpole says that sec­tional ti­tle prop­er­ties on of­fer range in price from around R270 000 to R680 000 for two-bed­room units. House prices start at around R750 000 and range to around R1.3m for an average three-bed­room house, but can now range to al­most R1.5m for a more lux­u­ri­ous house in the area.

As with most of the sur­round­ing ar­eas, Grassy Park res­i­dents have ac­cess to good schools.

“If you are looking for a safe neigh­bour­hood with good schools and ameni­ties, then Ot­tery and Grassy Park are ex­cel­lent choices,” says Grobbe­laar.

“Th­ese ar­eas of­fer ex­cel­lent value for money and are prac­ti­cally on the False Bay coast with ac­cess to ex­cel­lent beaches and wa­ter sports, restau­rants and more.”

This three-bed­room cot­tage in a se­cu­rity com­plex in Ot­tery is for sale at R950 000.

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