Buyers looking to settle in the City Bowl of Cape Town are finding that a budget in the region of R2- to R3 million is too shy to afford freehold property in the area. However, their money can be better spent in neighbouring suburbs such as Bo Kaap and Woodstock including Walmer and University Estates. “In these areas, buyers can get much more bang for their buck than in the City Bowl,” says Trudi van Wyk, City Bowl Sales Manager at Jawitz Properties.
While sectional title properties can be found in this price range in the City Bowl, these properties often require some work, don’t include off street parking and are often not large enough to accommodate family buyers. “Woodstock and Bo Kaap are increasingly becoming more appealing in this regard where R2 million could buy a three- or four-bedroom home.”
Propstats figures reveal that this opportunity is a reality. Last year, from the beginning of January to end June, 16 sales were concluded in Woodstock with an average price of a little under R1.3 million. For the same period in 2014, a total of 35 sales have been concluded at an average price of R1.4 million.
“There is serious value to be had in Woodstock and buyers are very active in the area. This industrial-chic suburb is up and coming and boasts several attractions such as the artisan Old Biscuit Mill with its weekend Neighbourgoods Market and the Woodstock Exchange, a popular business hub. There are also furniture stores galore, art galleries, studios and restaurants,” says van Wyk.
Meanwhile, sales figures in Bo-Kaap have also increased. In 2013, the beginning of January to the end of June saw four sales with the average price at just over R2 million. “This year for the same period there have been eight sales and the average price is now at just under R2.7 million.”
The brightly coloured Bo-Kaap suburb is full of character and charm and like Woodstock, offers tremendous value for money. “The highest price achieved this year to date was R6.5 million,” van Wyk adds. “Serious buyers interested in the City Bowl need to cast their net wider to cover Bo-Kaap and Woodstock.”
These suburbs are a great alternative for those wanting close proximity to the City Bowl and Cape Town’s CBD, but also hoping to get a little more for their money. They are also viable options for first-time buyers.
“The City Bowl is no longer the stamping ground for freehold properties priced below R2 million. The area continues to be popular and while stock is tight, prices are increasing,” adds Francois Venter, Director of Jawitz Properties.
“Bo-Kaap and Woodstock and its surrounds are definitely areas to look to for a valuable foothold in the Cape Town property market,” he concludes.