Newlands favoured for luxury family homes, average price up by R1.7m in just five years

Newlands favoured for luxury family homes, average price up by R1.7m in just five years

Category News

A steady stream of buyers and a property market that just ticks over month after month is how Seeff agents, Barbara van der Westhuyzen and Vanessa Clerke characterise the Newlands area right now. The suburb has become very sought-after and if a buyer finds what they are looking for, they will still put in a good offer, say the agents. The location right next door to Bishopscourt and the two key landmarks, the Newlands rugby and cricket fields, makes the suburb prime property. The close proximity to UCT also adds to the attraction. It also offers a very suburban lifestyle in pretty surrounds that include beautiful old Oak trees, an abundance of greenery and the imposing Table Mountain practically as your front garden. There is also the world-acclaimed Kirstenbosch Botanical Gardens on the doorstep. Newlands is rightfully considered a heritage suburb with excellent property value retention and growth, say the agents. Consequently, you now see an average selling price of just over R5.7m for freehold houses based on the latest Propstats data, about R1.7m higher compared to five years ago when it was around the R4m mark. Where over 80% of all sales fell below the R5m price band five years ago, this year, we have seen less than 40% fall below this. In fact, the average selling price for the suburb has risen steadily year-on-year and more than 60% of all freehold house sales now fall in the R5m to R10m price band. Lightstone data also shows that Newlands is a very stable suburb with about half of all properties in the hands of the same owners for 11 years and longer. Although more than 60% of property owners are in the 50-plus age bracket, there is a good mix of buyers according to Van der Westhuyzen and Clerke. The post-2007/8 period showed a steady annual improvement in activity in the market, peaking in 2014 with a total of 145 registrations for the year. As with most of the country, activity has slowed slightly over the last year and we are beginning to find that buyers are resisting overpriced properties. Nonetheless, says Clerke, if you are looking to sell and your price is in line with the market, you are likely to find a buyer and a good offer. Almost 70% of all property in the suburb are freehold and the suburb offers an excellent mix of property. Sectional title prices fall predominantly in the R2m to R5m-plus price range while family homes tend to be upwards of R5m. What most people don’t know, is that there is also a very exclusive security estate in the suburb, the Serene Estate that offers 24-hour security and a fantastic location on Riverside Road, right on the river. The estate is quite new and was built about 7-8 years ago. It is located on the border of Bishopscourt and falls within the sought-after ‘ambassadorial belt’. It offers just four exclusive homes of about 550sqm-600sqm in size, designed in a beautiful Cape vernacular architectural style with washed brickwork. There is currently a rare opportunity to buy in the estate. The beautiful home offers stunning mountain views and plenty of extras such as a home theatre/games room, study nook, air-conditioned wine cellar, high ceilings, air-conditioning and underfloor heating, solar heating as well as a fireplace in the lounge. It further boasts modern finishes, open-plan living areas, a designer kitchen with a separate scullery and drying courtyard, four large bedroom suites as well as a separate entrance guest or work-from-home suite, garaging with laundry facilities, staff facilities, additional secure parking, a landscaped garden with a borehole, large children’s play area with a gym and a large gunite swimming pool. It is priced at R17.5m. Contact Seeff Southern Suburbs/Newlands, Barbara van der Westhuyzen and Vanessa Clerke on 083 261 7955/082 214 6598 or 021 686 8518 or visit www.seeff.com (web ref. 396202).

Author: Seeff