Fish Hoek was the only suburb to show real growth in the Cape Town property sector this year. This is according to Steve Thomas, Lew Geffen Sotheby’s International Franchise Manager in False Bay and Noordhoek, who said that they measured year on year growth during the first quarters of this year. Fish Hoek saw a modest increase of 6% in the total rand value of sales compared to the same period last year.
Much similar to other suburban areas, it has also experienced a slight steep in sales, with house prices decreasing by 11%. According to Thomas, the dip was not as big compared to Simons Town. CMA data revealed they suffered a 23% drop in house sales. The hardest hit area this year was Noordhoek Valley where there was 19% fewer houses sold.
Prior to the bleak outlook on our economy, there are several factors which continue to have a negative impact. Issues such as water shortages, lifestyle choices and the weakening rand, all contribute to the market along this coastal strip.
Chairman of Lew Geffen Sotheby International Reality, Lew Geffen, said that although the downward market shifts are cause for concern, there is light at the end of the tunnel as property values in the area have continued to increase at a steady pace.
Geffen said that according to Popstats, between January 1 and the end of November this year, there were 26 confirmed sales in Fish hoek with the highest price reaching R5.53 million for a lavish three bedroom apartment. The property was sold within six days after listing.
Thomas said in Muizenberg there were 32 properties sold during the first 11 months of this year at an average price of R1.11-million. Of these properties, 17 were sectional title units averaging R1.085-million and 15 houses averaged a sale price of R1.14-million.