Although the Cape property market is cooling, certain areas like Hout Bay continue to perform well. Here are some reasons that make Hout Bay a popular neighbourhood.
While growth in property prices continue to fall in the Western Cape (by exactly 0.3% from Q1 to Q2 according to the Standard Bank Q2:2018 Regional HPI), there are certain hot spots that continue to do well.
According to Lightstone data, the median price for a free-standing property in Hout Bay has remained steady at around R3,8 million for the last three years.
“While there has been a general cooling down in prices in the Cape Town market, there are still certain pockets that continue to do well despite the current economic climate. The suburb of Hout Bay is one of them,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Sally Kuypers of RE/MAX Home explains her thoughts on why the suburb continues to grow in terms of value: “I was once again reminded why Hout Bay is the most awesome place to live while chatting to a friend who is a relative newcomer to this wonderful valley. He migrated to Hout Bay from the more northern part of South Africa, and in his words, Hout Bay offers so many appealing features for permanent residence.”
1. It's a dog-lover's paradise
“To start, the area offers relative affordability in terms of properties with enough garden space for dogs. This is a great drawcard, especially since this is a town of dog lovers; even the beaches are incredibly dog-friendly.”
2. A strong sense of community
“Next, he mentioned the sense of community. We are a microcosm of South Africa. Our suburb has properties to accommodate the very wealthy, middle class and the less advantaged. When there is an emergency, be it fire, flood or storm damage, we rally together. Although our population has increased dramatically, us ‘Houties’ still consider ourselves a village. There is a great sense of togetherness in this suburb that newcomers instantly feel,” Kuypers explains.
3. A convenient location
“Hout Bay is also incredibly conveniently located. Just thirty minutes to town, and the routes are so scenic: either through towering forest or along a road with mountains on one side and the ocean on the other. We are also just ten minutes away from Constantia wine valley. And, of course, minutes away from sunset dinners from beachside restaurants.”
4. An excellent Neighbourhood Watch
Lastly, Kuypers states safety as one of the biggest proponents for buying in this area. “We have an excellent Neighbourhood Watch system, as well as community websites where news and updates are regularly posted. We are an incredibly transparent community in which all residents are kept fully informed of the good and the bad,” she elaborates.
Read more: How to start a neighbourhood watch
“Hout Bay is one of the most-photographed, scenic routes in the world. For this reason and all the others explained above, it is not difficult to understand its steadfast appeal to real estate investors,” Goslett concludes.