Claremont Village is fast becoming hot property according to Deidre Tracey and Teodora Aleksieva, Seeff agents for the area who say that they have observed a steady flow of people heading here, largely due to rising prices in Harfield Village.
The village comprises the area between the M24 (Chichester Road), the M28 (Rosmead Avenue) and Doncaster Road. Although very similar to Harfield Village, it is still notably cheaper. “This”, say the agents, “has resulted in rising sales and phenomenal price growth of 41%-57% in just three years”.
“Total sales for the area for the last year amount to almost R50 million at an overall average selling price of around R1.5m, a good illustration of the value”, say Tracey and Aleksieva.
Sectional title sales rose from 17 units sold in 2013 to 21 last year while the average selling price climbed by 41% from R837 000 to R1 183 000.
Full title sales amounted to 13 transactions worth R25 130 000 for the year. The average selling price though spiked by a phenomenal 57% from R1 231 765 in 2013 to R1 933 077.
As with the rest of the southern suburbs, Table Mountain is a towering feature and provides lovely views. The village offers a good mix of properties to choose from with a 44/56 split between full title (260 units) and sectional title (331 units). It is very similar to Harfield Village in terms of offering lovely Victorian-styled houses, cottages and sectional title units.
Demand is such that well-priced properties tend to sell within a month of listing. It is still largely a sellers’ market and there is a shortage of good properties for sale.
The agents say that the good performance of the area is attributable to the rise in demand for the concept of ‘village’ living. The opportunity to live in a small community and in close proximity to trendy eateries and hot hangouts and to have excellent services and facilities on offer nearby, are all adding to the attraction. The walkability of the area is a big draw card.
“Although there are facilities in the area such as the Kenilworth Centre and same take out food, you are close to Harfield Village and could walk to Main Road where you will find a host of restaurants, fitness centres, Cavendish Square and just about everything that you could need, says Tracey. There are also excellent medical and other services. The area also provides access to excellent schools and is on the UCT Jammy Shuttle route for students”.
The area attracts mostly younger buyers with more than a third under 35 years, the so-called millennial age group and a further 40%-plus under fifty. Buyers range from students to professionals and young families, but also older buyers.
The agents also expect property in the village to buck the economic trend and for values to continue rising this year. “Even so, it will remain a very affordable area with excellent investment potential that will drive more and more buyers and investors here”, conclude the agents.