Areas and Places

Fish Hoek residential property sees price rise 17 % in one year

A walkway by the seaside at Fish Hoek.

Over the last year, says Kim Mann, the Rawson Property Group’s franchisee for Fish Hoek, there has been a massive increase in the number of potential buyers at Fish Hoek coming from upcountry – particularly from Johannesburg, Pretoria and Durban.

When those wanting to move to the area arrive at Fish Hoek, says Mann, they find that they have to undergo a serious mind shift. The reason for this, she says, as they see it, is that the money they will get from the sale of their upcountry home will buy them a home in Fish Hoek that is likely to have 40% less floor area and be sited on an erf half the size of that of their present home.

“This comes as a shock to some of the people,” says Mann, “and it does result in a certain percentage losing interest initially. However, those able to take a broader view soon realize that, despite 17% year-on-year rises on freehold property in Fish Hoek (this is the Deeds Office figure), the area is still one of the most affordable in the Cape Peninsula.”

Right now, says Mann, the demand for Fish Hoek homes is at an all-time high. In the most popular area of all, Fish Hoek Village/The Avenues (the central hub area closest to the main street retail facilities), typically houses will cost from R1,4 million to R1,7 million, while on the north facing mountain, where the best homes overlook the bay, typical prices will be in the region of R2 million to R3,5 million or more. Even here the demand is now strong.

In the Silverglades area around the sports fields to the west of the village and bordering the wetlands, prices are likely to be between R1,5 million and R1,8 million. The slightly higher prices here partly reflect the fact that this area has many attractive green belts.

“However you measure it,” says Mann, “these prices are still exceptionally reasonable, especially when one takes into account that Fish Hoek is the last built up area in the Southern Peninsula in which every service is provided – medical, legal, retail, car-related and, above all, educational. Our schools are now well established and achieve good results, therefore it is a precinct in which those looking for capital appreciation should be buying right now.”

Those who decide to settle in Fish Hoek, says Mann, may have to persevere for some time – with stock in such drastically short supply and any correctly priced home selling in two to three weeks, it is quite possible that three, four or more offers will have to be made before one is successful.

Many prospective Fish Hoek home buyers, says Mann, choose to rent for a time. Here, too, the demand is strong – for example, on one three bedroom home with a swimming pool and a double garage on the mountainside currently being rented by Mann and her team at R13,500 per month, the franchise received over 20 serious enquiries. While on a three bedroom townhouse in The Avenues area renting at R8,000 per month, they received nearly 15 enquiries.

“I cannot stress too strongly that buyers should not give up. Whether or not in 2015 the price rises will be quite as high as they were last year, one thing I can virtually guarantee is that there will still be significant capital appreciation on almost any Fish Hoek home bought during the course of this year and bear in mind that with its world class beach, its mountain trails and excellent facilities, this always was and still is the ideal suburb for upwardly mobile young couples, for people with children of all ages and for retirees.”