Newlands favoured for location, average price up by R1.7m
A STEADY stream of buyers and a property market that just ticks over month after month is how Seeff agents, Barbara van der Westhuyzen and Vanessa Clerke characterise the Newlands area right now.
The suburb has become very popular and buyers who find what they are looking for will still put in good offers, say the agents.
“The location next to Bishopscourt and two key landmarks, Newlands rugby and cricket fields, makes the suburb prime property. The proximity to UCT also adds to the attraction.
“It also offers a very suburban lifestyle in pretty surrounds that includes old oak trees, Table Mountain and Kirstenbosch Botanical Gardens. Newlands is rightfully considered a heritage suburb with excellent property value retention and growth.”
According to Propstats the average selling price for freehold houses is just over R5.7 million, which is about R1.7m more than five years ago.
“Where over 80 percent of sales were homes below the R5m price band five years ago, this year we have seen less than 40 percent below this. In fact, the average selling price for the suburb has risen steadily year on year and more than 60 percent of all freehold house sales now fall in the R5m to R10m price band.
“Lightstone data also shows that Newlands is a very stable suburb with about half of all properties in the hands of the same owners for 11 years and longer. Although more than 60 percent of property owners are over 50, there is a good mix of buyers,” say Van der Westhuyzen and Clerke.
“In the post-2007/8 period the market has improved each year, peaking in 2014 with a total of 145 registrations. As with most of the country, sales activity has slowed slightly over the last year and we are beginning to find that buyers are resisting overpriced properties. Nonetheless, if you are considering selling and your price is in line with the market, you are likely to find a buyer and a good offer,” says Clerke.
Almost 70 percent of all property in the suburb is freehold and sectional title properties are priced predominantly in the R2m to R5m-plus price range whereas family homes tend to cost from R5m.
The Serene Estate in River- side Road was built right on the river on the border of Bishopscourt about seven to eight years ago. It consists of four homes of about 550m to 600m2 in size, designed in a Cape vernacular architectural style with washed brickwork.
One of the homes is for sale, and features include mountain views, a home theatre and games room, a study nook, an air- conditioned wine cellar, high ceilings, solar heating and a fireplace. The house has four bedroom suites and guest suite with separate entrance and staff facilities. The price is R17.5m.
This four-bedroom home in Serene Estate, Newlands, is for sale at R17.5 million