Long overshadowed by neighbouring areas like Constantia, the erstwhile unassuming suburbs of Meadowridge and Bergvliet have come into their own during the past year, with record-high median and sale prices ratifying their new status.
This is according to Leonie Wosk and Sally Fidler, Area Specialists for Lew Geffen Sotheby’s International Realty, who say in May, the highest ever sale price in Meadowridge was achieved with the sale of an eleven-bedroomed house with panoramic mountain views which sold for R7.7 million and this year, the median house price also reached a record high of R3.75 million.
Wosk and Fidler brokered the deal, and the suburb is experiencing a severe stock shortage with the growing demand now outstripping supply.
“Well-priced homes which offer value for money are sold very quickly, sometimes within a week of listing and prices have steadily risen due to the growing shortage of available properties.”
They attribute the growing popularity of these suburbs to the fact that they’re both very family-orientated areas in close proximity to good schools, first-rate amenities and key commercial hubs as well as a wide range of leisure activities, from beaches and golf courses to hiking trails and vineyards.
“In Meadowridge, where 89.5% of properties are still freestanding, houses have fair-sized gardens and garaging. And those with granny flatlets are in especially high demand, either to house extended family or use as home offices.”
Click here to see all the sale and listing price trends in Meadowridge
Neighbouring Bergvliet’s market has also been very active with the median house price reaching a record high of R4. million this year, up from the previous record of R3.9 million last year.
Here, 77.5% of homes are freestanding after an increase in development in recent years precipitated a transformation of the suburb’s property landscape with estate homes now accounting for almost 15% of the properties.
Bergvliet has currently *10 new property listings according to Property24 Trends Data, with the average asking price for the area being R3 872 500. The average sale price per erf for 2021 was about R4.03 million and per sectional title for the same period was about R1.46 million.
The latest residential listings on Property24 show that three-bedroom homes are most widely available, at an average list price of R3 987 500. Sellers in the area fall within the 65 years or older (50%), while 38% of buyers fall in the 36-49 years age group.
Click here to see all the sale and listing price trends in Bergvliet
According to the partners, the business has been brisk this year with most of the sales being to young local families seeking a secure lifestyle and value for money. Unlike many other suburbs in Cape Town, only a very small percentage of sales have been to upcountry buyers.
The changing demographic in these suburbs is clearly corroborated by current Lightstone data which reveals that during the past year, 70% of the buyers in Meadowridge were aged 49 or younger whilst 68% of the sellers were in the 50-plus age group.
Similarly, in Bergvliet, 66% of all recent buyers were 49 or younger and 64% of the sellers during the same period were 50 or older.
“Sellers are moving for a variety of reasons, but the most common is to downsize, move to retirement accommodation or to move away from the city to smaller towns and seaside villages.”
With vacant land for new development having become equally scarce, it’s unlikely that demand - or prices - will drop in these suburbs any time soon and the partners advise that potential buyers who are thinking about making the move should do so sooner rather than later.
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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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