Fabulous vistas, a prime location and sought-after cosmopolitan lifestyle in Cape Town’s sought-after City Bowl, is what makes Tamboerskloof such an exciting property market.
As with the rest of this part of Cape Town, the suburb has benefited from excellent demand over the last few years which, according to Ms Billy Rautenbach, Sales Director for Seeff in the area, has boosted the average selling prices by over 100% in under five years.
The elevated location on the slopes of Lion’s Head and Signal Hill provides stunning views and the suburb is home to plenty of greenery. Doris Ricketts and Michael Hauser, Seeff agents for full title property in the City Bowl, say that the suburb is popular because it offers a wide mix of property, both sectional and full title.
“There is something to suit every buyer’s need and budget, from well-priced apartments in older Art Deco styled complexes to full title houses in a range of architectural styles, predominantly Victorian as well as modern architectural villas”.
A big attraction, is the German International School and the suburb is therefore very popular with German speaking buyers along with Europeans who are investing in city property with the view to escaping the cold European winters for the sunny shores of South Africa.
As with the rest of the area, the City Bowl and a suburb such as Tamboerskloof in particular, is a highly desired location for semigrating buyers from other provinces such as Gauteng.
Tamboerskloof is also a popular neighbourhood for holiday makers and has an active short term rental market. Areas such as Kloof Nek Road is lined with a number of guest houses and hospitality establishments, hot hangouts, bars and eateries. The nearby Kloof Street (in Gardens), one of the city’s iconic streets is also regarded is a popular attraction in the area as it is lined with a host of attractions, from décor and antique stores to restaurants and more, is another attraction.
Ms Rautenbach says that despite the economic pressures, demand for property remains active in the suburb with sales by mid-year already amounting to just under R190m recorded at an average selling price of R7.5m.
“Sales activity is split about 50/50 between sectional title and full title property. A notable trend, adds Ms Rautenbach, is that about 60% of all sales, predominantly full title, have been above the R5m price band”.
“Also supportive of the good conditions here, is the fact that sales are still taking place in well under a month from listing on average and for a negligible 3.7% difference between the asking and selling prices”.
Doris Ricketts and Michael Hauser says that in a challenging economy, it becomes important to work with the right area specialists who will provide the best guidance in terms of the right price level. The agents for example recently sold a beautifully restored Victorian home for R9.6m within just one day of listing it and for only 2% below the asking price.
“Lightstone data reveals that about 64% of all property in the suburb is sectional title (1199 units) and 36% full title (687 units). It is a very stable area with more than half of all property in the same hands for longer than 11 years. Buyers tend to be predominantly in the 36-64 year age group”.
Ms Rautenbach says that as a luxury area in the City Bowl, Tamboerskloof has seen excellent price growth over the last few years. Propstats data shows that the average sectional title selling price has almost tripled in just five years and now stands at R4m, up from R1.4m in 2012. The full title selling price has more than doubled over the same period, rising from R4.4m and now stands at R10.8m.
“This scenic suburb also has an active Neighbourhood Watch to provide further peace of mind for residents and investors. Aside from being an excellent location for residential buyers, it is also sought-after for investments given the strong demand for rentals in the area”.