It’s all about the views

Cape Town’s City Bowl re­mains ever pop­u­lar, with houses show­ing 11% to 17% av­er­age price growth over three to five years. Michelle Swart finds out more

Business Day - Home Front - - NEWS -

CAPE Town’s City Bowl area mainly con­sists of Gar­dens, Oranjezicht, Tam­boer­skloof and Vre­de­hoek; Devils Peak forms part of Vre­de­hoek, while Hig­govale forms part of Oranjezicht.

Se­eff’s statis­tics di­vi­sion has an­a­lysed sales of houses in the City Bowl, which shows con­tin­ued in­creases in av­er­age nom­i­nal price growth for all ar­eas over the past three-five years.

Look­ing at 2005-2009, growth rates in av­er­age house price per area were: Zon­nebloem – 15.5%; Bo Kaap – 14.5%; Vre­de­hoek – 11.8%; Gar­dens – 10.8%; and Tam­boer­skloof and Oranjezicht both 9.5%. The three-year av­er­age growth for the en­tire area was 11.8%. When look­ing at the pic­ture over five years, it gets even rosier, with an av­er­age of 17%. Top of the ranks again is Zon­nebloem (25.9%), fol­lowed by Bo Kaap (17.1%), Oranjezicht (16.3%), Gar­dens (15.5%), Vre­de­hoek (14.1%) and Tam­boer­skloof (13.6%).

Knowl­edge Fac­tory’s SAPTG in­di­cates that full ti­tle prop­er­ties in Vre­de­hoek have an av­er­age sell­ing price of ap­prox­i­mately R3m this year, com­pared to the av­er­age price of R2,28m recorded for last year. Knowl­edge Fac­tory’s SAPTG statis­tics for full ti­tle prop­er­ties in Hig­govale re­flect a 110% growth in price be­tween this year and last year, while Zon­nebloem’s full ti­tle prop­er­ties show a slight de­cline in value be­tween this year and last.

But Se­eff says that the high de­mand for houses re­flects in the re­turn on in­vest­ment, with the year-on-year growth rate for the City Bowl from 2005 to 2009 a solid 15% for an av­er­age house price of R4,365m.

In the first quar­ter of this year there has been quite a bit of move­ment at all price bands in the City Bowl, with 38 prop­er­ties sold and reg­is­tered to the to­tal value of R165 902 000. The av­er­age price for a house in the City Bowl area now stands at R4 365 842.

Of the three high­est priced houses that were sold, two were in Hig­govale, sold at R16m and R21m, and one in Oranjezicht sold for R18m. The most ac­tive area within the City Bowl was Oranjezicht with 12 trans­ac­tions.

Su­san Lit­ten, one of Se­eff’s spe­cial­ists for the City Bowl, ex­plains the at­trac­tion that is driv­ing this growth: “As the traf­fic into the city gets worse, the ap­peal of ar­eas that may have been over­looked pre­vi­ously in­creases. Bo Kaap has beau­ti­ful Vic­to­rian-and Ed­war­dian-based ar­chi­tec­ture, cob­bled streets, Sig­nal Hill as a back­drop and the CBD a mere stroll away. The views of the city, Ta­ble Moun­tain and sea are spec­tac­u­lar.

“There are few homes in Zon­nebloem, but the re­main­ing Vic­to­rian cot­tages here have great char­ac­ter, with wooden floors and doors and fab­u­lous views of the har­bour. Sit­u­ated be­tween the CBD and Wood­stock, clients are be­gin­ning to re­alise the value of a cot­tage so close the CBD. This area also ap­peals to first-time home buy­ers, of­ten mov­ing on from city apart­ments.”

Lit­ten has achieved some of the high­est prices in the area in the past 12 months — the high­est price in the Bo Kaap at R 5,9m, in Devils Peak at R5,3m and in High Cape, a se­cure vil­lage within Vre­de­hoek, at R 4,4m. “The ex­cel­lent se­cu­rity at High Cape along with the young age of the devel­op­ment, with mod­ern ar­chi­tec­ture and stun­ning views, has great ap­peal to young buy­ers. The slope is north-west fac­ing, so homes are al­ways light and bright. I sold the unit in ques­tion to a young client who loved the views and the large spa­ces these mod­ern homes of­fer.”

Lit­ten has a sim­i­lar prop­erty in High Cape on sole man­date with Se­eff at R5,95m. “This of­fers in­cred­i­ble value for the City Bowl with four bed­rooms, three bath­rooms, spa­cious open-plan liv­ing room, dou­ble garage, store room, and two large pa­tios with pro­tected city and sea views — ar­guably the best view in Cape Town. Watch the tugs ma­noeu­vre the ships into the har­bour, see the waves crash­ing onto the south­ern shores of Robben Is­land and view the wide beaches way up the West Coast. You will never leave your pa­tio!”

Se­eff’s other spe­cial­ists in the area, Michael Hauser, Anke Menelaou and Doris Rick­etts, have com­pared sales for June last year against June this year, which shows that whereas houses in City Bowl were listed for an av­er­age of 143 days last year and the dif­fer­ence be­tween listed price and sales price was 15%, this year the av­er­age list­ing du­ra­tion is down to 95 days with an av­er­age drop in ask­ing price of 10%. For April/May last year. com­pared to April/May this year, list­ing du­ra­tion was down from 125 days to 70 days.

Adds Menelaou: “Tam­boer­skloof is well known for the com­mu­nity in­volve­ment in a very suc­cess­ful Neigh­bour­hood Watch and prox­im­ity to the Deutsche In­ter­na­tionale Schule Kap­stadt. This makes it the first choice for Ger­man-speak­ing clients. The area is em­braced by Lions head and Sig­nal Hill, and the roads clos­est to Lions Head are as shel­tered from the wind as is Hig­govale.

“Oranjezicht is a leafy sub­urb with the most pop­u­lar streets re­ferred to in gen­eral terms as ‘The Av­enues,’ sit­u­ated above the Molteno Reser­voir. The vis­tas across the City Bowl and har­bour are spec­tac­u­lar. Tra­di­tional Vic­to­rian and Ed­war­dian ar­chi­tec­ture re­mains pop­u­lar with pur­chasers, but more and more ul­tra­mod­ern homes are start­ing to take the place of older homes that are be­ing de­mol­ished. Since these ar­eas are still less pricey than Camp Bay, Clifton and Fresnaye, the last two years have seen in­ter­est from buy­ers who would not pre­vi­ously have con­sid­ered these ar­eas. The world-class St Cypri­ans Pri­vate School for girls is also sit­u­ated in Oranjezicht, and has def­i­nitely proven to be a huge draw­card, while the top Afrikaans School Jan Van Riebeeck also at­tracts many buy­ers to Tam­boer­skloof, Oranjezicht and Hig­govale.”

Says Ian Slot, MD of Se­eff At­lantic Seaboard, CBD, City Bowl, V&A Water­front and Camps Bay: “Be­cause of the prox­im­ity of the City Bowl to the CBD and At­lantic Seaboard as well as the rich ar­chi­tec­tural build­ing styles and ex­cel­lent schools nearby, it is un­der­stand­ably very pop­u­lar. We are pleased to see that more and more of­ten now buy­ers per­ceive the value they are get­ting in Cape Town’s mag­nif­i­cent City Bowl. With beau­ti­ful views and easy ac­cess to the City, buy­ers are wak­ing up to Cape Town’s best kept se­cret; the re­mark­able qual­ity of life avail­able in the City Bowl’s leafy sub­urbs at more af­ford­able prices.” Con­tact: Se­eff Prop­er­ties Su­san Lit­ten 083 327 0404 Anke Menelaou 082 568 8730

This spa­cious four bed­room, three bath­room home in the sought-af­ter High Cape se­cure vil­lage in Vre­de­hoek is on the mar­ket for R5,95m, of­fer­ing loads of space and spec­tac­u­lar city and sea views.

This beau­ti­fully main­tained three-bed­room north-fac­ing home sur­rounded by level lawns and gi­ant trees on the wind-shel­tered border of Oranjezicht and Hig­govale is on the mar­ket at R7,395m. The din­ing room is vast with views of the city, har­bour and...

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