Rather than sell their properties for less, a number of Bantry Bay homeowners have opted to hold on to their homes in anticipation of an upswing which may be just around the corner if reports are to be believed.
Akin to the majority of suburbs in South Africa, Bantry Bay was negatively affected by the recession but far less so than others says Karen Lurie, Colette Jackson and Cecily Sher of the Seeff Atlantic Seaboard branch which services the area. According to the team, Bantry Bay property prices have remained fairly stable over the years but sales, particularly of freehold homes priced between R4 and R10 million, have decreased somewhat as buyers sought more affordable properties.
The latest Lightstone statistics currently place the average sales price of freehold Bantry Bay properties at between R6,8 and R7,1 million. Although still highly popular, the agents say young families are currently gravitating more towards nearby Fresnaye in search of family friendly homes.
But Bantry Bay’s freehold properties are in the minority. In the main, Bantry Bay is characterised by contemporary, Sectional Title apartments. Indeed, according to Lightstone, approximately 75 percent of Bantry Bay’s property market consists of Sectional Title properties. Executives, buy-to-let investors and upwardly mobile couples in particular find these properties appealing which are currently selling for around R4 million on average.
The fact that the property market isn’t working in favour of sellers at present hasn’t really irked many Bantry Bay owners notes the Seeff team. “Many are simply renting out their properties as holiday flats or are using the lull in the market to renovate and upgrade their properties which serves the dual purpose of satisfying their need for bigger, better homes and enhances the property’s appeal for future buyers.”
Many owners are also quite happy to stay put say the team. This news doesn’t come as much of a surprise given that the suburb is one of South Africa’s most sought after addresses and has many ‘pros’ working in its favour. For instance, the suburb occupies an enviable location against the slopes of Cape Town’s ‘Lion’s Head’ and enjoys spectacular views of the local rocky coastline which lies just a stone’s throw away. The bay is also relatively wind free year-round which is significant given the Cape’s windy climate.
Bantry Bay is centrally located and enjoys easy access to Clifton, Camps Bay, Sea Point, the City Bowl and all major attractions including the V&A Waterfront and Table Mountain. Although it doesn’t have a beach of its own, the nearby beaches at Clifton, Sea Point and Camps Bay are easily accessible. The suburb also features a small collection of shops and restaurants, a deli and two prestigious hotels. A number of upmarket schools lie within close proximity of the suburb.
Developers evidently believe Bantry Bay will also experience an upswing in the near future. According to the team, a pocket of old properties at the corner of Queen and Kloof Road was recently knocked down to make room for a new upmarket apartment block which has already attracted the attention of a number of investors.