New­lands favoured for lo­ca­tion, av­er­age price up by R1.7m

Weekend Argus (Saturday Edition) - - PROPERTY -

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

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