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
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...