Camps Bay has continued to attract excellent activity this year and now tops the super luxury category nationwide with the highest number of high value R20 million-plus property sales and an average selling price of R15.4 million.
It is perhaps no surprise given that it is the country’s top holiday spot, ranking the highest in Airbnb searches and is the most Instagrammed neighbourhood, says Ms Billy Rautenbach, Sales Director for Seeff’s operations on the Atlantic Seaboard.
Everybody wants to be in Camps Bay and it is in one of the trendy eateries that line the palm-fringed promenade on Victoria Road that you are likely to spot your favourite international or local celebrity.
It has the most popular beach and you have to come early if you want a nice picnic spot on the lawn in the high summer. Here, you can hire a lounger and umbrella and enjoy the beach as if you are on an island and you can pop across the road to enjoy a fabulous lunch or cocktails.
Ms Rautenbach says that Propstats data for the first half of this year shows that Camps Bay has been the most active of the top end suburbs of the Atlantic Seaboard with sales topping the R590 million mark by mid-year and an average selling price at a phenomenal level of R15.4m; this price being 12% higher compared to last year’s R13.8m.
While still active, sellers should note that properties are now taking considerably longer to sell (220 days) and the average difference between the asking and selling price is 10.8%.
Despite the weaker economic landscape, nine sales were recorded above R20m. Notably, almost half to Gauteng buyers who paid as much as R23.5m (Strathmore Road), R24.5m (Camps Bay Drive), R27m (Victoria Road) and R30.35m (Glen Beach) for homes in the suburb this year. The top end price ceiling has now breached the R40 million level.
Aside from local and Gauteng buyers, there were a number of sales this year to KZN buyers and about 20% of all sales were to foreign buyers, although only two above R20m.
Seeff agents, Pola and Nadine Jocum, who have operated in the suburb for decades, say that if you have not yet invested in Camps Bay, then you are best advised to do so sooner rather than later. As the statistics show, property is just getting more and more expensive and why not? It is a fabulous suburb.
Almost 75% of all sales this year were above R10m and the entry level price for a house is now R9.3m, almost double what is was just five years ago. Only two sales, both one-bedroomed flats, took place below R5m and only 24% below R10m, again mostly apartments.
Sectional title comprise just 20% of all sales and the remainder full title, including vacant land that sold for upwards of R7.4m for 507sqm (Central Drive) to R12.5m for 1411sqm (Theresa Avenue) and R14.75m for 908sqm (Fulham Road).
Sectional title property now boasts an average selling price of R11,7m, almost three times more than five years ago (R4.6m, 2012). Full title houses have sold at a phenomenal R18.4m on average, twice as much compared to five years ago (R8.7m, 2012).
In addition to long-term rentals that can run into the upper thousands per month, easily as much as R80 000/month, Ruth Munitz, Manager for SeeffSHORTSTAY, says that Camps Bay is the most popular holiday rental suburb in the country and tends to fetch excellent prices, especially over the high tourist season.
Living in Camps Bay is like being on holiday all year round, says Seeff agents, Lyn Pope and Rochelle Serman. So, what will you pay? A fabulous top end luxury villa with stunning views over Bakoven, is priced at just R26m. It comes with four bedrooms, spacious indoor and outdoor entertainment areas, extras such as a TV/pyjama lounge leading off upstairs bedrooms, an underground cigar bar and wine cellar, a separate study/playroom and a heated saltwater pool on top of a level garden, a rarity on the Atlantic Seaboard.
Contact Seeff Camps Bay on 021 438 1055 or visit www.seeff.com.
Author: Seeff, 03 October 2017, News