False Bay agents are reporting a notable uptick in enquiries since June this year, especially from young families who are seeking quieter lifestyles near good schools, as well as first-time buyers taking advantage of the low-interest rate and empty-nesters or retirees looking to scale down.
The False Bay and Peninsula region in Cape Town is attracting keen interest from both local and upcountry buyers as the scenic coastal strip not only offers the quintessential seaside village lifestyle, it does so at a more accessible price than most comparative areas, offering a broad selection of properties.
| Suburb | Average Asking price in 2021 | % Difference in Average Asking Price for 2020-2021 | % Difference in Average Asking Price for 2019-2020 | % Change in number of listings per suburb 2020 - 2021 | % Change in number of listings per suburb 2019 - 2020 |
| Muizenberg | 1 475 000 | 5% | -15% | -6% | 34% |
| Fish Hoek | 2 350 000 | 7% | -2% | 10% | 4% |
| Simons Town | 2 950 000 | -2% | 3% | 6% | 72% |
| Noordhoek | 3 690 000 | -3% | 16% | 14% | 0% |
| Kommetjie | 3 395 000 | 3% | 1% | 8% | 49% |
| Kalk Bay | 5 750 000 | 5 | 12% | 0% | 12% |
Source: Property24 Trends Page
Muizenberg
According to Jonathan Alexander, Muizenberg and Kalk Bay Area Specialist for Lew Geffen Sotheby’s International Realty, the Muizenberg house market has remained consistent, despite the pandemic and economic downturn, with the median house price hovering around the R1.6 million mark since 2019.
“However, the recent spike in demand for accessibly-priced freestanding houses in the Muizenberg area is now creating a seller’s market in this sector with prices beginning to rise again as a result.
“Sectional title sales have also increased this year and, according to Lightstone data, the median sale price reached an all-time high of R1.15 million, a 21% increase from R950 000 in 2020 which can largely be attributed to Muizenberg’s popularity with first-time buyers.”
He adds that the recent upgrades to the area have considerably improved Muizenberg’s infrastructure which now includes an excellent choice of shopping and entertainment facilities and the revitalised iconic beachfront.
Click here to see all the sale and listing price trends in Muizenberg.
Kalk Bay
In Kalk Bay, upmarket sectional title properties have been gaining in popularity, particularly with empty-nesters and retirees, which Alexander says is clearly evidenced by the data.
“The majority of recent buyers (54%) are aged between 50 and 64, followed by those aged 65 and older (23%) and most want to trade high-maintenance homes for a more relaxed lifestyle.
“Twenty of the 29 property transfers during the past year ending August 31 were sectional title units and, of those, 12 were sold at an average sale price of R5.7 million with the average sectional title sale price being R3.896 million.”
Click here to see all the sale and listing price trends in Kalk Bay.
Simonstown
Beverley Goldhill, Area Specialist for the group in Simonstown and surrounds notes that this year, buyers have been more intent on purchasing merely window shopping.
“Many buyers, especially from Gauteng and KwaZulu Natal, have been focused on purchasing a coastal property to enjoy the benefits it offers in lifestyle.
“There has also been an uptick in the sale of vacant land as well as investment buying as a discerning investment in the purchase of well-priced sea-view properties.”
“Savvy investors are realising that now is the time to buy for maximum return on investment as the natural limitation of available land along the coastline due to its topography and the burgeoning demand will soon result in a dearth of investment opportunities and sharp price increases.”
She adds that many of the recent sales in the area have been second homes sold for liquidity and downscaling for retirement.
Although 62% of the property landscape in Simonstown is still freehold, there has also been a notable spike of activity in the sectional title sector in the suburb, with more sales as well as an increase in the median sale price which rose from R1.235 million in 2020 to R1.5 million this year.
Click here to see all the sale and listing price trends in Simonstown.
The Fish Hoek market has been exceptionally active during the past 12 months, with a total of 218 transactions, of which 135 were freehold at an average sale price of R2.35 million, 68 were sectional title (R1.25 million) and six were estate homes (R2.07 million).
There has also been an increase in the sale of vacant land, with nine plots sold so far this year at an average selling price of R875 000, although six of those sold at an average of R1.03 million.
Click here to see all the sale and listing price trends in Fish Hoek.
Connected by a pristine 12km stretch of beach and each with their own distinct characters, Kommetjie and Noordhoek on the Atlantic side of the South Peninsula have become increasingly popular as the growing move towards a more tranquil lifestyle away from the hustle and bustle has gathered momentum.
No longer sleepy villages populated mostly by laidback creatives and the surfing community, these scenic suburbs are attracting a growing number of affluent professional investors, with the Living Standard Measure (LSM) for both now being 10.
Noordhoek Area Specialist, Linette Kempster, says the changing demographic is clearly evidenced by the data which shows that 71% of existing owners are aged 50 or older, whilst 100% of recent buyers are in the 36 to 49 age group.
“What hasn’t changed is the fact that property owners here tend to hang onto their homes for longer than in many other areas, with 49% having owned their properties for eight years or longer.”
Undoubtedly one of the most picturesque areas in the Western Cape, Noordhoek has a serene rural atmosphere with leafy lanes as well as spectacular ocean and mountain views from the Western section, and it offers the epitome of the idyllic village lifestyle.
Like Fish Hoek, the Kommetjie market has remained active all year, gathering momentum and resulting in an exceptionally busy third quarter and a significant rise seen in both sales volumes and median prices.
Click here to see all the sale and listing price trends in Noordhoek.
“Last year, there were only 41 registrations in total, and by the end of August this year, there had already been 72 registrations and we’re currently inundated with enquiries,” says Area Specialist Natalie Cooper.
“Freehold properties priced between R2 million and R3 million, although increasingly scarce and quickly snapped up, are offering great value for first-time buyers and looking to downsize and, with the new Generations School, the area is attracting more young families.
“The middle market in the R4.5 million to R6.5 million price band is currently the most active and we are seeing movement again at the top end of the market, which is encouraging.
This is corroborated by the data which shows that of the 23 houses sold from June to August, 17 were at an average sale price of R6.17 million and six were sold at an average sale price of R2.5 million.
“We are also seeing ongoing development in Kommetjie and surrounds such as Village Lane with several others in the pipeline, including the new shopping centre Spar development.”
Click here to see all the sale and listing price trends in Kommetjie.
Over and above the value and solid returns to be found in the region, the area offers an excellent quality of life in characterful, often historic villages and suburbs, most of which have a strong sense of community.
The area is now well-supplied with amenities like malls and medical services as well as key services including a driving test station and municipal offices in Fish Hoek, so with the addition of a school and the vastly improved infrastructure, I expect the False Bay market to continue to hold its own,” says Cooper.
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*Property24 Listings Data Disclaimer: The trends detailed in this article are based on Property24 listings, current at the time of publishing, and property transfer data supplied by Deeds offices, which typically take 3-4 months to reflect. Suburbs are listed according to Property24's geographical database. In some areas this will include both commercial and residential properties. The age demographic data of buyers, sellers and stable owners is determined over a six-month period. These Property Values should not be used as a substitute for independent professional advice and is subject to Property24.com Terms and Conditions
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