The Cape Peninsula’s Southern Suburbs have for some three years now been among the top performers in the South African residential property sector – and as yet show no signs of slowing down in their year-on-year price increases.
This was said recently by Bill Rawson, Chairman of the Rawson Property Group, in a review of his group’s 34% year-on-year growth.
The latest figures from Propstats, an initiative of the Institute of Estate Agents of South Africa, said Rawson, show that the average sales price in the Southern Suburbs in July and August this year was R2,590,000 – and that the average sale is going through within 7% of the asking price.
“What is particularly remarkable about these figures,” said Rawson, “is that they include all the previously less affluent areas such as Ottery, Athlone and Woodstock and, secondly, they reveal a year-on-year increase of 13,1% in the value of homes. This is calculated in a comparison of the July and August sales figures for this year with those of 2013.”
Equally encouraging, said Rawson, is the fact that the demand for already prestigious areas has shown a marked upswing, with the result that in Bishopscourt, for example, the average sales price this year has been R11,420,000, while in Newlands it has risen to R4,536,000.
“These figures,” said Rawson, “are remarkably high in comparison with most other residential areas in South Africa today.”
There is, said Rawson, no mystery as to why Cape Peninsula Southern Suburbs property has performed so well: these suburbs have an exceptionally high number of well-established schools, both private and government, and are generally close to UCT and other tertiary educational institutions; they are within reasonable commuting distance from the CBD and they have excellent rail and bus transport facilities; they are exceptionally well provided with entertainment, retail and medical centres – and most are within easy driving distance of two incredibly valuable outdoor entertainment areas, the Table Mountain National Park and the Atlantic and False Bay beaches.
Particularly popular in many of the Southern Suburbs, said Rawson, have been sectional title developments, with the result that one of his group’s divisions, Rawson Developers, is now about to launch its 12th sectional title project in this area. In recent years, he said, every one of these developments has been sold out before completion and has shown price increases above those of freehold property.
For further information contact the Rawson Property Group on (021) 658 7100.
