Mouille Point’s South Seas crests the sectional title wave with record-breaking cash sale

THE R9.7 million cash sale of a luxury apartment in South Seas, Mouille Point, at R83 000/m2, has established a record for the area, pointing to the escalating demand for sectional title properties along the Atlantic seaboard.

It’s not unusual for properties in Clifton to sell for R80 000/m2, but this is the first time a Mouille Point apartment has hit this mark.

Basil Moraitis, Pam Golding Properties’ area manager for the Atlantic seaboard, says the Mouille Point sales team – Mariël Burger, Paul Levy and Kim Bailey – received two cash offers in writing, on the day the South Seas unit was listed.

“An apartment in Amalfi was sold in February 2015 for R104 418/ m2, but this was for a new development and included VAT,” says Levy.

“The South Seas unit’s sale is a record price for a second-hand property, given that the top selling price of units in this area from October 2014 to 2016 has been in the R74 000/ m2 range.”

The 116m2 sea- facing apartment was sold to a Gauteng buyer, who being aware of the area’s stock shortage and unprecedented demand, did not delay in making an offer.

Burger says the average price for Mouille Point apartments is about R50 000/m2. But with local and foreign investors looking for coastal living near to lifestyle attractions such as the V&A Waterfront, city centre and Table Mountain, sectional title sales are booming.

“Property values in the area have shown a steady increase as investors realise the value of these units, often for buy-to-let purposes,” says Pam Golding Properties’ research analyst, Sandra Gordon.

According to Propstats data from October 2015 to date the average selling price of sectional title property in Mouille Point was R5.3m, with an average of 26 days from listing to a concluded sale.

“Over the past decade, the value of sectional title properties in this suburb has risen by a staggering 151.6 percent,” says Moraitis.

Almost 99 percent with 1 106 units compared with 12 houses. The average price of a sectional title unit in Mouille Point has increased by nearly 70 percent from 2014 to 2015, says Moraitis

: About 99.6 percent and the median price for 2016 is R8.8m.

: Almost 88 percent with 5 563 units. The median value has increased from R2.35m to R2.75m from 2015 to 2016.

About 60 percent. The median price for the year is R11.45m, up 57.9 percent from the R7.25m median of 2015.