Weekend Argus (Saturday Edition)
Buyers choose peace and quiet
Kommetjie and Noordhoek markets surge as homeowners go for tranquillity
THE RESIDENTIAL market in the laid back seaside suburbs of Noordhoek and Kommetjie is booming, with both areas enjoying an increase in property values and sales volumes in the past three years.
Steve Thomas, franchise manager for Lew Geffen Sotheby’s International Realty in False Bay and Noordhoek, says: “Property values have increased significantly since the market last peaked in 2007, with sales volumes in both suburbs spiking in 2014.
“During 2014 30 houses worth a total R92.235 million were sold in Noordhoek and in 2015 25 houses were sold for R97.38m.
“In 2007 the average house price was R1.11m, increasing to R3.075m by 2014 and to R3.895m in 2015. Although there were more sales in 2014, in 2015 there was an upswing at the top end of the market with four transactions achieving more than R7m, two of which breached the R8m mark.”
Lightstone figures reveal equally impressive growth for Kommetjie, where the average house sale price increased by 49.22 percent between 2007 (R1.91m) and 2014 (R2.845m), reaching just a couple of rand short of R3m in 2015.
Thomas says that, calculated over a period of nine years, Noordhoek has offered an inflation-beating nominal return on investment at 15 percent a year with Kommetjie achieving the same return but measured over 10 years.
This picturesque region is increasingly grabbing the attention of families and retired people who want to move away from the city, as well as buyers from upcountry who want to move to the Cape or invest in second homes. This resulted in a notable change in the demographics of buyers and residents.
No longer sleepy villages populated mostly by the laid back creatives and the surfing community, both Noordhoek and Kommetjie are attracting a growing number of affluent professional investors, with the Living Standard Measure for both suburbs now being 10.
Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty says: “What hasn’t changed is the fact that property owners in both suburbs tend to hang on to their homes for longer than in many other areas.
“A recent survey concluded in January this year, revealed that in Noordhoek 41 percent of owners have lived in their homes for 11 years or longer with 15 percent having stayed for eight to 10 years. In Kommetjie the figures are 54 percent and 12 percent respectively.
“Also notable is the spike in the percentage of owners who have lived in the area for less than five years, corresponding with the recent market surge and increasing popularity of the suburbs.”
Geffen says the Lightstone report also reveals that home ownership is now almost evenly split over all age groups in Kommetjie and Noordhoek, except for the over 65s where pensioners only account for 2 percent and 3 percent.
“This is especially true in Noordhoek where 32 percent of home owners are aged 50 to 64, 36 percent are in the 36 to 49 age group and 30 percent are 35 or younger. In Kommetjie the 36 to 49 age group dominates with 42 percent ownership, followed by owners aged between 50 and 64 who make up 30 percent of home owners, with 26 percent being under 35.”
Thomas says that although the increases in sales and property values are largely driven by the emergent trend of families moving away from the city and an increase in upcountry buyers, the growing interest from these buyers is, in turn, due to the exceptionally attractive appeal factors of the area and the suburbs themselves.
“Idyllic locations alongside the sea, tranquil settings and laid-back country lifestyles set these two suburbs apart from most areas in Cape Town, firmly placing them in a class of their own. Noordhoek has a serene rural atmosphere, offering residents a relaxed village lifestyle.”
Noordhoek is also home to the biggest population of the western leopard toad, largely thanks to volunteers who can be spotted on rainy winter evenings helping these endangered animals across busy roads to their breeding ponds.
Equally laid- back, Kommetjie still enjoys a strong sense of community and is appealing to water sport enthusiasts and nature lovers. Kommetjie is perhaps best known for its excellent surf break but, as part of the fynbos biome, it is also a natural paradise and a premier site for observing sea birds.
Lovers of the great outdoors are spoilt for choice in this scenic region as they can indulge in all manner of activities including hiking, fishing, horse riding, boating and cycling without venturing far from home.