{"id":718878,"date":"2023-09-23T09:30:00","date_gmt":"2023-09-23T07:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=718878"},"modified":"2023-09-22T16:11:06","modified_gmt":"2023-09-22T14:11:06","slug":"this-part-of-cape-town-is-seeing-a-major-house-price-boom","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/718878\/this-part-of-cape-town-is-seeing-a-major-house-price-boom\/","title":{"rendered":"This part of Cape Town is seeing a major house price boom"},"content":{"rendered":"\n

The southern suburbs of Cape Town have seen strong house price growth during the last decade, with the area renowned for its good schools, beautiful views and easy access to the city centre. <\/p>\n\n\n\n

\u201cThe southern suburbs’ real estate market has repeatedly proven its resilience. Even amidst global uncertainties such as the COVID-19 pandemic, political turmoil and economic floundering, this area has maintained its allure to local and international buyers,\u201d said Claude McKirby from Lew Geffen Sotheby\u2019s International Realty. <\/p>\n\n\n\n

Citing data from Lightstone, McKirby said that the median house prices in some of the southern suburb areas have doubled over the last decade. <\/p>\n\n\n\n

\u201cMedian house prices in Claremont have increased by 88.4%, from R1.9 million to R3.58m, in Kenilworth by 85.7% from R1.4m to R2.6m, in Newlands by 70% from R3.7m to R6.3m and in Rondebosch by 69.9% from R2.9m to R4.9m.\u201d<\/p>\n\n\n\n

\u201cWith demand currently high and low stock levels, you\u2019d be hard-pressed to find a property at the average selling price in these areas as they are generally snapped up soon after listing.\u201d<\/p>\n\n\n\n

In addition, several areas have seen record sale prices in recent years. <\/p>\n\n\n\n

\u201cOur office recently brokered the highest sale price in Plumstead and also co-brokered a record sale in Constantia,\u201d says McKirby.<\/p>\n\n\n\n

Using Propstats data, the highest selling price in Southern Suburbs in the first half of 2022 was R39 million, while Constantiaberg saw a sale of R100 million during that period. <\/p>\n\n\n\n

\u201cA year later, for the same period, the highest selling prices achieved were R56 million and R70 million for the Southern Suburbs and Constantiaberg, respectively, indicating continued appetite and demand for high-end properties in these areas.\u201d<\/p>\n\n\n\n

McKirby noted that one of the area’s most defining features is the vast range of property offerings, as this allows the market to remain attractive to various demographics. <\/p>\n\n\n\n

\u201cLimited supply is another factor. The scarcity of available land for development in these established suburbs has created a controlled supply of properties, contributing to sustained demand as buyers vie for a spot in these highly sought-after communities.”<\/p>\n\n\n\n

\u201cAnd the area is generally regarded as a haven, investment-wise because amidst economic and political uncertainties, the southern suburbs have remained a stable and secure investment choice due to the consistent value appreciation.\u201d<\/p>\n\n\n\n

Below are some properties in the southern suburbs on the market right now: <\/p>\n\n\n\n

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