The leafy Cape Town suburb of Newlands is not only one of the most central, but also the most sought after, especially among younger family buyers. According to the latest Lightstone data, about 60% of recent sales were to younger buyers who were under the age of 40.
This house offers four bedrooms, two bathrooms, home office, lounge with fireplace, child-friendly garden, triple garage and guest suite. It is on the market for R4.5 million – click here to view.This is according to Barbara van der Westhuyzen and Vanessa Clerke, Seeff’s agents for the area, who say demand now exceeds supply and, despite the hefty price tag, buyers are paying almost full price and more.
Newlands is a relatively small suburb, home to about 1 660 freehold and around 749 sectional title homes. Prices range from around R2.5 million for a two bedroom flat and R3.5 million for a small home, they say.
Comfortable family homes with a swimming pool start at around the R5 million mark. There are also a few rare heritage homes such as the beautiful 1883 Mount Pleasant heritage homestead, priced at just under R15 million.
The property market here is on solid ground, say the agents. According to Propstats data, some 125 property sales netted just under R673 million at an average price of R5.4 million over the last year.
This home has four bedrooms, four bathrooms, wine cellar, family room with fireplace, home office, separate guest accommodation, off-street parking for six cars and three garages. It is priced at R8.5 million – click here to view.The agents, who sold about 23 homes, ranging in price from R3 million in Newlands Avenue to R10.5 million in Boshof Estate, attribute the brisk demand to the prime location and excellent schools.
Situated on the sought-after Southern Suburbs school-belt, residents have a choice of top schools such as SACS, Westerford, Grove Primary and Sans Souci. The University of Cape Town (UCT) is also practically on the doorstep, with the Jammie Shuttle linking it to the suburb.
Van der Westhuyzen and Clerke say the location is prime. They say the area has the Newlands rugby and cricket grounds, which are a major attraction for most buyers.
Table Mountain is visible from just about anywhere, and the world-renowned Kirstenbosch Gardens and Bishopscourt, one of the most expensive suburbs in the country, neighbours the suburb.
This 1883 heritage home offers four bedrooms, three bathrooms, country-style kitchen, lounge with fireplace, swimming pool, staff accommodation and an indigenous garden. It is on the market for R14.75 million – click here to view.Like many of the surrounding neighbourhoods, Newlands is a great lifestyle suburb with a 'village feel'. The agents say residents can enjoy evening walks with their dogs or just stretch their legs or keep fit. Neighbourhood conveniences and eateries are right on hand while the conveniences of Main Road are also close by.
Aside from local buyers, the agents say growing numbers of Gauteng buyers are heading to the area. There have even been a few foreign buyers over the last year, with Seeff concluding several such sales, which were mostly to UK buyers.
That property in Newlands is an excellent investment is no understatement. The agents say values have grown by over 50% over the last five years.
According to the latest Lightstone data, the average price for a freehold house is now around R5 million, up from R3.2 million five years ago, while the sectional title price has more than doubled from R1.3 million to R2.8 million.
With stock levels down by about half compared to last year, there is no doubt that it is a sellers’ market almost across the board.
Most in demand are family homes in the R2 million to R4 million price band. In closing, the agents warn that while values are on the up, sellers still need to keep their price expectation in line with the market averages as buyers will simply walk away from an overpriced property.
Print
