Mouille Point has been quietly transforming into the next millionaire suburb of the Atlantic Seaboard with top end apartment prices climbing notably over the last three years and the R100 million price mark not unusual for a top end new build.
Ms Billy Rautenbach, Sales Director for Seeff Atlantic Seaboard and City Bowl says that where it was once somewhat run-down, it now ranks amongst the most sought-after. “The location, almost adjacent to the V&A Waterfront area is a massive boost for the rising demand and prices that buyers are prepared to pay”.
It is definitely the next place to watch. Developers and wealthy buyers looking for a prime coastal location are increasingly drawn to the area and new developments are beginning to feature prominently.
Prices are not just breaching the R20 million mark, but Ms Rautenbach says that top class apartments in new developments are currently on the market in the R40m to R120m range. These though are ocean front development with luxury finishes and some of the best views in the country.
In addition to locals, buyers from upcountry areas such as Johannesburg and Pretoria along with African and offshore buyers are drawn to the suburb.
Mouille Point is one of the fastest growing areas of the Atlantic Seaboard and now ranks alongside the V&A Marina, Clifton and Bantry Bay for luxury apartments and the prices that buyers and investors will pay. “That said”, she adds, “prices still vary and you can still find the odd apartment here in the R2m to R4m range, but most are now in the R6m-R10m price range with top end prices reaching as much as R120m”.
The red and white candy striped lighthouse, the oldest in the country, is the most defining landmark of the neighbourhood. A lovely promenade fronts it and to the rear, you will find a large green belt urban park and golf course. The towering Cape Town Stadium is close by as is The Waterclub.
The lovely boardwalk that runs from Sea Point all the way to the Waterfront provides for a great early morning or evening stroll, but it is a great neighbourhood for cyclists and other outdoor interests, yoga on the promenade for example.
There are a few restaurants on the beach front such as The Hussar Grill and Pepénero and the Radisson Blu and Grand Café and Beach are down the road. You are also close to the Waterfront, CBD and the high streets of Green Point and Sea Point as well as the Blue-Flag beaches of Camps Bay and Clifton.
Ms Rautenbach says that part of the attraction, is the fabulous seaside lifestyle with its many health and well being benefits, you also enjoy stunning ocean, mountain and city vistas from here.
The suburb comprises of mostly sectional title apartments, many still older, but being upgraded. New development are now transforming the neighbourhood. About 40% of property are investment and second homes, although the number of residents are increasing as residential demand increases.
Market data shows that around 70 property transactions were recorded annually in the suburb over the last four years with 2016 sales amounting to just under R355 million at an average price of R6.7m.
About 90% of all sales were below R10m with only about ten sales above this, including three sales above R20m.
On a cost per square metre basis, the bulk of sales are still in the R30 000-R70 000/sqm range. Prices on Beach Road though have reached R74 289/sqm (Aquarius), R74 324/sqm (Mouille Sands), R75 357/sqm (Fortuna), R83 621/sqm (South Seas) and R87 549/sqm (Two Oceans Beach).
2016 sales were concluded at an average difference between the asking and selling price of just 4.8% and for on average within just 26 days on the market.
“The pace of sales has quickened further this year with the average gap between the asking and selling prices dropping to just 2.9% and the average time on the market, to just 16 days”.
There are currently a few top class new developments in the area offering superb investment opportunities not to be missed by any serious buyer or investor. For a sneak peak, be sure to contact Seeff,