Although this is not as yet appreciated by many Capetonian property analysts (and investors), Milnerton is currently in an upward spiral. Within five years, its prices will be close to or on a par with many of the Cape Peninsula’s more upmarket suburbs. This is the view of Dave Zieve, a senior estate agent with the Rawson Property Group’s Milnerton franchise.
“All areas served by this franchise – Sandrift, Tygerhof, Royal Ascot, Milnerton Ridge, Brooklyn and Rugby – are now experiencing very strong demand, but Milnerton,” said Zieve, “is moving ahead faster than all of them.”
In the last 18 to 24 months, he said, houses that sold in Milnerton at ± R2 million have been reselling at R2,5 million to R2,6 million and similar price rises are being seen throughout the district.
“Across the board we are seeing homes appreciate at ± 10% per annum and there are as yet no signs of this price growth slowing down.”
Milnerton, said Zieve, is now especially appreciated by young couples with small children. Often they will buy old homes at the lower end of the price bracket, which extends from roughly R2 million to R6 million (with the big demand focused on the R2,5 million homes). These homes are then steadily upgraded by the new buyers over five to ten years, thereby often gaining 30 to 50% in value over and above inflation. This trend, said Zieve, is adding greatly to the value of all homes in Milnerton.
As in all areas where demand has increased exponentially, stock shortages and fast sales are now being experienced. In the first 14 days of July, Zieve sold four homes with a total value of R12,5 million (the most expensive was priced at R5,9 million) and one of these was on his books for only four and a half days.
Thus far, he said, most of his sellers have resisted the temptation to overprice, but there is always a danger that this will happen and wise counselling on this subject is essential.
Asked to what he attributes the growing popularity of Milnerton, Zieve replied that its strategic position just 12 km from the Cape Town CBD and five to ten minutes’ drive from Century City (which has now become a major business node employing some 20,000 people), its good schools, its sports facilities (particularly golf courses), its medical facilities and its many natural attractions – long beaches, two lagoons and wetlands with large bird populations – set Milnerton apart from the average Greater Cape Town suburb.
“If occasionally I sound almost too enthusiastic about Milnerton,” said Zieve, “it should be borne in mind that, prior to selling here, I sold homes on the Atlantic Seaboard and I can testify that the value-for-money and the attractions of Milnerton far exceed most suburbs.”
