Areas and Places

High property demand in Vredehoek

When a property is in a high demand area, is priced correctly, and the seller has taken into account what the comparative market is doing (with his agent’s guidance), chances are the home will sell very quickly, says Nelio Mendes, sales manager for IHPC estate agents.

IHPC have found that they have benefitted tremendously from being well connected with European buyers and sellers, particularly German clientele. They have offices in Gauteng and Cape Town and have a huge list of qualified local and international buyers, said Mendes.

“A Vredehoek duplex apartment recently not formally put on the market, as it received its first offer within 24 hours of listing it on the IHPC website, was sold for R100 000 over the asking price of R1 950 000 (and was a cash deal). This property received three offers within three days”, said Mendes, and the agent who was involved in the sale, Gregor Muller, was astounded by the demand for this area in this price range.

“The apartment has magnificent views of Table Mountain and the city,” said Muller, “and has a MyCiti bus stop literally on it front doorstep. These factors, as well as the generous size of the rooms, with its large windows allowing much natural light into the apartment, is possibly what contributed to the buyers being willing to bid higher than the asking price in order to secure the purchase.”

Vredehoek, the name directly translated is “peace corner” is one of those “secret gems” of Cape Town, said Mendes, and it seems popularity and demand is growing here.

According to PropStats (the Institute of Estate Agents Western Cape property data service), taking the figures from the first quarter of this year, the average sales price is R2,222,407, with properties selling at 4,1% difference between the asking and selling price in an average of 34 days. Properties in Vredehoek have escalated tremendously in the last five years, with the average for the first quarter of 2010 listed as R1,440,625 and properties in that period taking 101 days to sell.

The appeal of Vredehoek can possibly be attributed to the fact that it is so close to the city, but because is sits on the lower slopes of Devil’s Peak has views bar none. This suburb is popular with DINKYs (dual income, no kids yet) and investors. The neighbourhood is quiet and peaceful, yet has the convenience of being literally a stone’s throw from a glut of restaurants, shops, and the CBD. The Company Gardens, The National Art Gallery, Museum and Houses of Parliament are all within walking distance, and the Table Mountain cableway is only 10 minutes’ drive from Vredehoek.

“There has been much redevelopment of the older blocks of flats (which are sought after because of their larger rooms and higher ceilings), converting them into trendy apartments which has translated into a revival of the neighbourhood”, said Mendes.