The Atlantic Seaboard suburb of Fresnaye has seen a rally in demand for freehold property which has in turn boosted the full title selling price by 76% in just four years.
Where full title property sold for on average R7.2 million in 2012, the price now stands at a R14.923 million, outranked only by Clifton and Bantry Bay overall, according to property group, Seeff.
The suburb though topped these two areas in terms of the overall volume and value of sales over the last few years.
According to Lance Cohen, Seeff agent for the area, attributing factors include the location against the slopes of Lion’s Head that allows for fabulous views as far as the eye can see.
Cohen said that most buyers are in the 36-49 year age bracket with only about 10% below that age group. Less than 5% of sales were to foreign buyers amounting to just over R42.2 million.
The full title sector comprises about 60% of total market stock, while the average time on the market is around six weeks and the average difference between asking and selling prices around 15.2%.
Since the start of last year, 10 homes priced above R20 million were also concluded in the suburb.
In the sectional title sector, some 60% of all sales were above R5 million, reaching a price per square metre of R50,000 – R54,500.
Cohen has just listed a 3,247sqm estate with the original and first manor house in Fresnaye for a record price of R185 million.
The property boasts fireplaces throughout, underfloor heating, a gymnasium, and large swimming pool.
There are five bedroom suites in the main house. There is also a guest cottage with two bedroom suites and a living area and kitchen with a private terrace and swimming pool,
Additional features include staff accommodation and garaging as well as top class security and a guardhouse.