Advice and Opinion

Waterfront and secure estate living creates crossover buying trend

Val de Vie Polo Club
A view of Val de Vie's Polo Club.

A trendy Waterfront flat may sound worlds apart from a double-storey family home in a Winelands estate, but according to Pam Golding Properties, both are attracting the same buyers wanting the best of both worlds.

Mariël Burger, Pam Golding Properties agent for the Waterfront Marina estate, says many of their recent buyers have either enquired about properties in estates such as Pearl Valley and Val de Vie, in Paarl, or already own a home there. “We are seeing buyers wanting a lock-up-and-go option close to the central business district in addition to a larger property a short drive away from the city.” There’s also been interest from those who have down scaled their homes to a Waterfront apartment but would also like a country-style home in a safe estate for weekend accommodation. Pam Golding Properties research shows that there is considerable demand for secure estate living with its all-inclusive lifestyle offering that includes schooling, restaurants, gyms and various outdoor activities such as running and cycling trails, horse riding and game viewing; and many of these can be found in the Winelands.

Jordan Greenhalgh, Pam Golding Properties agent for Pearl Valley and Val de Vie, says there has been significant interest in the Waterfront’s apartments from the estates’ higher-end home owners. “This does seem to be the beginning of a trend, where buyers choose Val de Vie or Pearl Valley as their base, and then have a lock-up-and-go apartment in the Waterfront area for weekends. Or, perhaps they have business meetings in Cape Town and want a mid-week place to stay.” The expansion of Val de Vie to include a bridge across the Berg River has considerably reduced residents’ travelling time to Stellenbosch and Cape Town, with a trip to the popular Waterfront and nearby central business district now being less than 30 minutes’ drive away. “These buyers also seem to be migrating Paarl-way for the schools and the lifestyle, while holding on to the apartment for a bit of city life,” says Greenhalgh.

An apartment in the general suburb of the Waterfront last year sold for a median price of R8.6 million, and according to Propstats, the average sales price per square meter of a Waterfront marina apartment between January and June 2017 was from R85 000 per square metre on the canal and from R110 000 per square metre on the front yacht basin. There is a massive demand for units in this area and properties sell on average within 10 weeks of being listed, well below the national average of 15 weeks. Demand is as high at Val de Vie, where a plot and plan property at R3.7 million offers an excellent investment opportunity. Lightstone property data for 2017 puts the median sales price of a home in this exclusive lifestyle estate at R6.5 million, while vacant land is also selling for a median price of R2.6 million.