Propstats, the data information service compiled and distributed by the Western Cape Institute of Estate Agents, has shown that the average price of a home sold in Muizenberg between 1st April 2013 and 23rd April this year was R898,505 and this was 8,5% lower than the average list price.
These figures, says Errol King, franchisee for the Rawson Property Group in Muizenberg, bear witness to his repeated statements that Muizenberg homes still offer some of the best value in the entire Greater Cape Town area. What is more, he says, the current sales could be a great deal higher if the large number of people applying to estate agents to buy homes could improve their credit ratings and qualify for bonds.
Annette Evans, Manager of Propstats and Deputy Manager of the Western Cape Institute of Estate Agents, has also pointed out that the average time taken to sell a unit in Muizenberg – 118 days – is very satisfactory in today’s market.
“Propstats’ figures,” added King, “are also interesting in that they show that about 40% of the units sold over the last year were sectional title apartments and these are generally listed as being in good condition and often have more floor area than typical Cape Peninsula apartments – sometimes it is as much as 195 m2, 180 m2 or 120 m2. The lesson to be learnt from all this, I believe, is that Muizenberg is one of the few suburbs (like Kenilworth) which still has many blocks of older, large apartments which can be so comfortable to live in and which are, of course, ideal for refurbishment if people wish to spend money in that way.”
Often, said King, the smaller homes sold, many of which are in the new security estates lining the False Bay coast, have less floor area than these spacious old apartments. However, the big compensation here, he said, is that prices are still ‘quite reasonable’ despite the fact that many of these units were built within the last five or six years.
Well-designed two and three bedroom homes in the new developments in the less affluent areas of Muizenberg, said King, can often be had for as little as R650,000 or R850,000, while higher up the price scale there are still a large number of Muizenberg homes in the R1 million to R1,5 million bracket. The much admired luxury homes on the mountainside which have stuck on the market for a great many years are now, said King, once again slowly coming back onto the market and, he predicts, will in the next year start to find buyers.
“The message we have to get through to the general public,” said King, “is that this area still offers incredible value along with a wonderful array of natural facilities – beaches, mountains and vleis – all of which promote a healthy outdoor lifestyle and a high level of happiness in the resident population.”