Fish Hoek for every buyer and budget
09 October 2018
Deep South allure, Fish Hoek property market tops R1.2bn
You might easily mistake Fish Hoek for a sleepy little village on the scenic False Bay coast, but it is in fact far from it according to Simon Tait and Carey Ann Pickford, agents for Seeff. The latest Lightstone data shows that the market for the 12-month period to end of July 2018, tops the R1.2bn mark, making it a rather substantial neighbourhood of the Cape Town metro.
Fish Hoek is part of the neighbourhoods of the so-called Deep South, for its location at the lower end of the Southern Peninsula. With over 40,500 adults, it is a fair sized area, and while traditionally popular for retirement and holiday homes, recent years has seen an increase in younger buyers with 31% of sales over the last year to buyers under 35 years.
The wholesome lifestyle and availability of excellent primary and high schooling, is a big draw-card for families while young professionals, creatives, artists and surfing enthusiasts are all drawn to the area.
Gary Grobbelaar, Seeff’s CEO for False Bay and South Eastern suburbs says that overall, the area property market has slowed in line with greater Cape Town metro trend. Lightstone data shows that the Fish Hoek market picked up from about 400 transactions in 2010 and peaked in 2015 with 711 transactions, tapering off again in 2016-2017 to 635 and 601 transactions respectively.
For the 12-months to end July, 619 transactions worth just over R1.2bn have been recorded at an average transaction value of R2m. Some 60% of sales fall in the R1.5m-R3m range, but a notable 16% of houses sold above the R3m price mark.
The village has proven to be a good investment, says Grobbelaar. Average prices grew by 17% in 2016 and by 11% in 2017, but has slowed notably this year with notable implications for sellers. Propstats data shows that market-related properties are selling within 20-48 days and for just about 5% below asking prices while overpriced properties take some 60-100 days and sellers have to cut their prices by up to 12% to conclude a sale.
The ‘sweet spot’ for sellers, is in the R800,000-R2m range for apartments and R1.5m-R3m for houses which represents about 60% of all sales activity, says Grobbelaar.
For buyers, it is a great time to get into the market as prices have stabilised and you can find a good deal at last year’s prices, say the agents. Almost 80% of all property is freehold, but there are also great apartments and properties in estates on offer.
You can expect to pay upwards of R1.6m for a stunning two-bed apartment with sea views while houses range from around R2m-R5m on average.
The village is also a good rental investment with an active residential and holiday market according to Lola Casey, a Seeff rental agent. Rentals range from around R11,500/month for a small cottage while luxury houses range from R14,500-R20,000/month for stunning sea views.
No matter where you buy or rent, you are close to the facilities and amenities and the fabulous Fish Hoek waterfront and 1.2km beach. The village is fully self-contained with everything on hand and you do not have to travel out of the area. Main Road is lined with shops, services and restaurants. Aside from all the aquatic pursuits on offer, the area is also fabulous for outdoor-lovers, offering excellent cycling and hiking.
You also have access to all of the attractions of False Bay, from Cape Point and Simon’s Town on the one side, St James, Kalk Bay and Muizenberg. The city is an easy commute via car or train and the Southern Suburbs are also easily accessible for other needs and private schools.
Seeff recently invested in new offices in the fabulous Harbour Bay Mall in Simon’s Town, so be sure to pop in to chat about property in the area, it might just be the best investment you will ever make, concludes Grobbelaar.
Contact Seeff Fish Hoek/Simon’s Town on 021 782 6114 or visit www.seeff.com.