Hout Bay is an area with burgeoning growth in infrastructure and amenities, and has for some time now offered good value for money in residential property, says Lanice Steward, managing director of Knight Frank Residential SA.
“Hout Bay is set to flourish,” says Steward, “and is poised to become an even more desirable area in which to live now that it has a direct link to the City via the MyCiti bus service, which started on the 15th February, and the continuing growth in entertainment and lifestyle facilities this area offers. MyCiti buses will be running from 5am until 11pm every day, and this service is likely to be used by many who used their own vehicles in the past.”
In the last year, too, the new International School has been completed, to add to the already good educational services offered by the Eco Montessori School, Kronendal Primary, Llandudno Primary, Disa Primary, Ambleside and Hout Bay Montessori.
On looking through figures from PropStats, the Institute of Estate Agents Western Cape residential property sales service, the average selling price in Hout Bay has not increased over the last year, but if a buyer is considering buying in here, should consider doing so before the prices start increasing again as demand and popularity grow, says Matt Mercer, general manager of the Knight Frank branch in this area.
Mercer reports that sales and activity in Hout Bay has increased dramatically since the beginning of the year. The market in the below R5 million category is becoming a sellers’ market, said Mercer, with stock in this price bracket in short supply and less stock available than at the same time last year.
PropStats figures from January 2013 to January 2014 show that the average selling price of homes here isR2 765 230, with a 10,7% difference between the asking and selling price. Compare this to other areas on the Atlantic Seaboard, and it makes sense to buy here because Hout Bay offerings have increased so much in the last couple of years, but prices are still what the average young family should be able to afford.
“This area is very attractive, too, to the international market, particularly buyers from Europe and the UK, and we find that the weaker rand is encouraging more foreign buyers.
“We are also getting many enquiries from Johannesburg buyers, where the logic is that if they’re going to semi-grate, they want to be close to the sea. Hout Bay has attracted many young Johannesburg families in recent months – their children not only attending the International School but schools in the southern suburbs as well. Many Johannesburg people are used to long commuting distances and times, and so are not put off by the 20 to 30 minute drives (short in comparison to Johannesburg distances) to the city or the southern suburbs,” he said.
Knight Frank Hout Bay has homes in various price categories to offer at present, said Mercer.
Examples of homes that are excellent value for money, he said, are:
– A well appointed three bedroom, two bathroom home in Helgarda, a small, well maintained security estate. This home has a double garage and swimming pool and is priced at R3,35 million. The erf size is 502m² and the home has 176m² of floor area.
– A six bedroom, six bathroom home with a swimming pool in The Meadows. This home has almost 360˚ views of the mountains and is north facing. The home has 331m² of floor area and is set on a plot with 1 844m². The listed price of this home is R3,8 million.
– An architecturally designed five bedroom, five bathroom home in Northshore that has three living rooms, three garages and 517m² of floor area. This home is listed at R5 995 000.
“Hout Bay has enjoyed more growth than any other area in Cape Town over the last ten years,” said Mercer. “The lifestyle this village offers has changed dramatically since its sleepy fishermen’s village days. The markets, numerous restaurants, coffee shops, boutiques, and large supermarkets (and the addition of a large Pick n Pay store which will be complete by the end of this year), added to many other attractions makes it as self-contained as an area can be.”