Learn more about the bustling Southern Suburb of Cape Town.
Area history
Now a bustling Southern Suburb of Cape Town, Claremont was once an uncultivated field used by the Khoi-San for grazing cattle. Much change has happened in the area since the arrival of Dutch colonists in 1652. Used as an agricultural outpost by the Dutch for approximately 150 years, the character of the area changed when it was taken over by the British in 1814. The British settlers turned many of the farm lands into country residences with a portion of the Weltevreden farm subdivided in 1822, a section of which was renamed Claremont.
Following the Anglo-Boer War, a housing boom occurred in the region with further subdivision of land in the 1900s. Most of the streets in the area were named during this time. In 1913, Claremont was incorporated into the city of Cape Town, along with several other suburbs in the region. During the 1920s and 1930s another residential boom occurred and Claremont remained principally a residential area until the early 1970s, when commercial development started. Cavendish Square was opened in 1973, followed by other amenities and shopping facilities.
Area property information
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that demand is generally high for properties throughout Cape Town’s Southern Suburbs because of the excellent amenities in these areas. Demand in Claremont is strengthened by the area’s prime positioning close to the Cape Town CBD with easy access to the major transport routes and a variety of up-market amenities. The area is very popular among younger generation consumers with 73% of recent buyers under the age of 49 years old. According to Lightstone data, 29% of recent buyers were between the ages of 18 and 35 years old, while 39% were between the ages of 36 and 49 years old.
Property in Claremont consists of 57.07% freehold homes, 40.53% sectional title units and 2.4% estates. While property prices in Claremont performed relatively erratically between 2008 and 2011, prices saw strong growth in 2012. Goslett says that since 2012, property prices have continued to see year-on-year growth with current prices at record highs. The current average price of a freestanding home is around R3.325 million, while the current average price of a sectional title unit is around R1.57 million. Sales volumes in the area have always performed well, peaking in 2007 at the height of the boom. Although property transactions slowed in 2008, they have seen slow but positive growth every year since.
Goslett says that it has become a trend in the area for buyers to renovate the bathrooms and kitchens, if it has not been done already. He notes that these areas of the home are highly important to buyers and homes can sell for more if these rooms have been updated. Buyers are looking for homes with updated contemporary style kitchens and bathrooms that complement the overall look and feel of the home.
Demand for property
Goslett points out that 34.42% of properties sold in Claremont between May 2015 and April 2016 were priced between R1.5 million and R3 million. Around 30.47% of homes sold during this period were above the R3 million mark, while those priced within the R800 000 to R1.5 million price bracket accounted for 25.58% of sales. Homes prices between R400 000 and R800 000 represented a 9.3% share of the market, while properties under R400 000 accounted for only 0.23%.
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