Oranjezicht and Higgovale have emerged as investment hot spots for luxury family homes, attracting buyers locally, but also those looking to relocate from places such as Johannesburg and Durban.
According to Michele Apperley and Colette Jackson, Seeff full title property specialists for the City Bowl, the rising demand has boosted prices by about 50% over the last five years: “Although you can still find a house priced upwards of R4.5m, we are seeing an increase in the number of properties selling above the R10m price band”.
“Where almost nothing sold above the R10m mark five years ago, you can now find very little in Higgovale below R10m”, say the agents.
Although Oranjezicht still offers houses below R10m, its average full title price has risen by a phenomenal 67% from just R4.6m in 2012 to R7.7m. A top end property though, is now priced at around R15m, but according to agents, Michael Hauser and Doris Ricketts you are still getting more value compared to the Atlantic Seaboard.
“The property offers a multi-storey home with stunning views across the city, modern amenities, yet still plenty of wooden floors and trims. It includes plenty of living space, four bedroom suites (two king-sized), a huge attic room (playroom or double study), swimming pool, staff accommodation, garaging for three vehicles and a lovely garden, all set on 595sqm”.
Neighbouring Higgovale’s average full title price meanwhile has more than doubled since 2012, from just R7.7m to R16.7m, putting it in the same league as the top end suburbs of the Atlantic Seaboard according to Apperley and Jackson. Top end homes are now listed at R40m for a large 1955sqm plot with a beautiful plantation-styled double storey home with stunning views throughout, plenty of living space, four bedrooms, extras such as a library and study, wine cellar, staff accommodation, a courtyard and garaging, large swimming pool and garaging for three cars.
“The location of the suburbs is a big attraction. Although on the cusp of the bustling CBD, you are set against the lovely Table Mountain with some properties even offering direct access. Trees abound along with plenty of green areas, thus adding a serene tranquillity, yet still suburban vibe to the neighbourhoods. It is almost like living in Bishopscourt”, says Apperley and Jackson.
The architectural styles on offer are another big draw-card for the neighbourhoods. These range from Victorian and Art Deco to modern and wonderful gems that brim with woodwork, bay windows and high ceilings. Often, properties also come with larger gardens with more space for children to play in.
Apperley and Jackson further cite the close proximity to top schools such as Herzlia, the German School and French International School, the Cape University of Technology and UCT as adding to the popularity of the areas.
“You are within walking distance of the CBD and quite close to the Waterfront and the beaches and attractions of the Atlantic Seaboard. You therefore do not have to travel much”. At the same time, there is limited land available and Hauser and Ricketts say that property values will therefore continue to rise in line with the growing demand.
“As investment hot spots, there are still good opportunities for sellers despite the economic challenges, but the agents caution that pricing at the right level remains paramount otherwise you will miss out on a good opportunity”.