Predictions for the property market in Hout Bay, from Seeff.
At the end of August, property sales to the value of R615 000 000 have already been concluded in Hout Bay and should the market continue at this brisk pace it is entirely foreseeable that this figure could hit the R1 billon mark by the end of the year.
Stephan Cross, Sales Manager for Seeff Hout Bay & Llandudno, says the market in Hout Bay is extremely active and he doesn’t expect too much of a slow-down as we are approaching the end of the year.
Hout Bay remains one of only a few coastal towns (and likely the only one on the Atlantic Seaboard) where one can still find luxurious family homes with magnificent ocean views in the lower millions.
“There is activity in all segments of the Hout Bay market, ranging from affordable apartments priced from R1.45 million (just short of 16% of the total market value can be contributed by Sectional Title apartments), vacant plots in the same price range to comfortable family homes in the lower millions and expensive villas fetching prices of up to R12 million.
Cross continues that the average selling price that Seeff Hout Bay has achieved up until and including August this year is around R3 582 million compared to an average listing price of about R3 786 million.
“A difference of only 5.4% between average listing and selling price is indicative that sellers working through Seeff are well positioned to achieve the best possible price for their property, especially when seen in context of the rest of the Hout Bay property market where this difference is above 7%.
Another fact worth noting is that average days spent on the market for a property marketed and sold by Seeff Hout Bay & Llandudno is about 50% less (only 42 days) in comparison to the suburb’s average of 80 days according to PropStats.
“Almost a dozen properties sold by Seeff were on the market for only 7 days or less, including an R11.2 million villa that was sold in June and also counts among one of the three most expensive properties that were sold in Hout Bay to date this year.”
Property that Seeff Hout Bay currently has available include vacant sea fronting plots from R1.3 million, beautiful three, four and five bedroom homes priced between R3.750 million and R12.9 million and an exceptional villa of R44 million positioned on the mountain ridge of Llandudno with five bedrooms and six bathrooms.
Cross concludes by saying that the rental market is also active and that there is a great demand for rental stock in Hout Bay/Llandudno area.
“We have people urgently looking for three to four bedroom homes in security estates for between R35 000 to R50 000 per month and three bedroom homes in the R20 000 to R30 000 price range is also very popular. In the one to two bedroom market, pet friendly rentals are rare and owners are achieving higher rentals for these”.