Four bedroom, two bathroom home in Kenilworth, Cape Town, is set on 861sqm and is within walking distance to leading schools. It is on the market for R5.25 million - click here to view.
Like many areas across South Africa, the Cape Town suburb of Bishopscourt, and the Upper Claremont and Upper Kenilworth areas, are currently seeing demand strongly focused on their lower and mid-level price ranges.
The concept of affordability may be somewhat different for buyers in these prestigious areas than it is in less affluent suburbs, but Pam Golding Properties (PGP) reports that buyers are still keenly aware of value for money in the current economic climate. As a result, demand is strongly focused on the suburbs’ entry level and mid-level price ranges.
Propstats sales statistics for the first six months of the year confirm that the bulk of residential sales activity has been centred in these price ranges, across all agencies.
In Bishopscourt seven homes have changed hands, four of them through PGP, with six of the properties fetching between R6.4 million and R9.35 million. PGP secured the only sale above R15 million – a five bedroom home, set on an erf of 4 097 square metres, which was sold in February for R19.5 million.
This original vintage home has four bedrooms, three bathrooms, an updated kitchen, swimming pool and a separate guest cottage, it is priced at R10.5 million - click here to view.
In neighbouring Upper Claremont, of the 12 sales to date this year, three have been priced between R8 million and R8.5 million, and two priced over R10 million. Five of the 12 deals were concluded by PGP agents Myrna Duveen and Richard Epstein, who secured R10.7 million for a four bedroom, double storey home set on an erf of 987 square metres.
Similarly, the market in Upper Kenilworth and Trovato Estate has seen demand focused on lower to mid-level price ranges. Of the six sales this year, all have been priced under R10 million, with PGP achieving the highest price of R9 million in February, for a double storey five bedroom home set on over 2 100 square metres.
PGP agents Duveen and Epstein say the buyer profile in these suburbs is still dominated by families looking for sizable homes with spacious gardens that their children can enjoy. They say the mix includes Capetonians wanting to improve their standard of living as their families grow and their careers advance, or conversely, wanting to scale down after their children have left home.
This modern three bedroom, three bathroom home has a large entertainment area, a swimming pool, jacuzzi and garage. It is on the market for R11.9 million - click here to view.
“We have also had a few buyers relocating from the inland provinces, many of whom see this area as their first, and sometimes only, choice,” they say.
PGP’s area manager for the Southern Suburbs, Howard Markham, says although the market has been somewhat muted due to the prevailing economic circumstances, these upmarket suburbs remain enduringly popular. This is some of Cape Town’s finest real estate, he says, centrally located and with many properties enjoying spectacular mountain views.
Markham says homes are typically large and have substantial grounds, making them ideal for family buyers as well as celebrities and diplomats seeking spacious entertainment areas in a private and secure environment.
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