The promise of high-quality education continues to attract family buyers to the well-positioned and appealing suburb of Rondebosch, located in Cape Town’s sought-after Southern Suburbs. Pam Golding Properties (PGP) reports that the area’s highly-rated private and government schools ensure perennial demand for residential property, resulting in relatively quick sales of many properties. Of the 48 homes sold in the area between January and August 2013, 30 of them were sold within a month of listing. The suburb’s average price during this period was R3.6 million. (source = Propstats, sales across all agencies)
PGP agents Pearls Sparks and Robin Midgley have sold residential property totalling over R77 million in Rondebosch this year (2013), with the bulk of these sales being in the R3 million to R6 million price range. A number of these homes sold within a single week of listing – including a four-bedroomed home in Milner Road, sold for its full asking price of R4 million in May, on the same day it was listed. Another five properties were sold within a week of listing, all for more than 94 percent of asking price.
“This quick turnover is proof of the high demand in the area,” say the agents. “There is increasing pressure for places at top schools like Bishops, Rondebosch and Rustenburg, with the result that their catchment areas are tightening. Consequently the demand for homes within close proximity to these schools is very strong, which in turn is supporting prices. Our sales this year have included the highest price ever paid for a residential property in Rondebosch – R9.75 million – as well as two homes over R5 million and another two priced between R4.5 million and R5 million.”
Demand is usually highest in the areas commonly referred to as the Golden Mile (between Milner Road and Campground Road) and Silver Mile (between Milner Road and the M5 highway). “While there are a few top-end buyers in the market for luxury homes, particularly near Bishops, most of our demand at present is for the lower end of the price ranges in these sought-after areas, which is around R4 million in Golden Mile, and from the upper R2 millions to R3 millions in Silver Mile,” say the agents. ‘Many buyers are happy to purchase older homes with a view to renovating and adding value, although a few prefer to buy homes in mint condition which require no work at all.”
“By far the bulk of our buyers are families,” the agents continue, “either upgrading from other parts of Cape Town, or moving here from up-country provinces. For those who have children of school-going age, Rondebosch is usually their first suburb of choice, thanks to its wide variety of schooling options – there are 13 primary, high and special needs schools in the suburb itself, and another seven in neighbouring suburbs whose catchment areas currently extend into Rondebosch. And of course the University of Cape Town is very nearby. There is also a good offering of pre-primary schools and playgroups in the area for those with younger children.”
Rondebosch also holds great appeal for the medical profession, thanks to its proximity to the Red Cross War Memorial Children’s Hospital, Groote Schuur Hospital, Valkenberg and the new Rondebosch Medical Centre. There are a number of medical practices and specialist facilities in the suburb, including pathologists, psychiatric clinics and physiotherapy practices. “This ensures a second stream of ongoing demand,” say the agents, “namely from doctors and other practitioners who want to live close to their places of work, reducing the distance they have to commute to work, especially in cases of a late-night emergency call-outs.”
Stock levels have been low through the winter months, but Sparks and Midgley report that a steady supply of new stock is beginning to come onto the market as the final quarter of the year arrives.
For more information on property for sale in Rondebosch, call PGP agents Pearl Sparks (083 626 0806) and Robin Midgley (072 212 5714), or contact their office on 021 673 4200 or email@example.com.
**All prices quoted are actual selling prices, and all sales mentioned were concluded by Pam Golding Properties, unless otherwise specified.