Hout Bay market healthy in spite of reports of slowing price growth this year

ALTHOUGH sales activity is no doubt a little slower in Hout Bay this year, conditions are still very favourable for sellers, says James Lewis, licensee for Seeff southern suburbs, Hout Bay and Llandudno.

“Just recently, annual sales in the suburb reached R1 billion. Our agents are still finding that well-priced property can sell within 40 days, especially below those priced below R6 million,” says Lewis.

“The average selling price in Hout Bay is also up by about 19 percent from around R3m last year to just under R3.56m. This reflects a very healthy market especially given that the banks have recently reported a notable slowing in house prices.”

A good indication of the healthy market is the sale of the 24 247m² Bishopsford property, the former Hout Bay Bonsai Nursery, on the corner of Victoria and Main Roads for R13m.

Noeline Huisamen, Seeff ’s agent who brokered the sale says the site is a perfect fit for the new owners, the Hout Bay English Reformed Church.

“The Bonsai nursery stood here for about 40 years and had become a landmark in the area. Earlier this year though, the owners moved their nursery to a new spot in Nova Constantia and decided to sell,” says Huisamen.

“The property was sold for the full listing price. It is one of only a handful of R10m-plus sales in the suburb over the last year and the highest price achieved for this year so far.”

The church has already held its first service at the property and has some exciting developments in mind for the site. This includes a church, a theological college and a bookshop. Although the site is set to undergo some transformation, the gardens and ancient trees will be preserved.

SOLD: The old Hout Bay Bonsai Nursery property was sold to the Hout Bay English Reformed Church for R13 million, the highest price paid for a property in Hout Bay this year.