Mouille Point and Green Point flats in high demand
With demand for apartments in Mouille Point and the neighbouring Green Point now at unprecedented levels, it is not surprising that stock levels have been depleted.
This apartment in Green Point, Cape Town, has two bedrooms. It is on the market for R4.25 million - click here to view.
This is according to Bianca Gutteridge, Seeff’sagent for the two areas, who says well-priced apartments are now snapped up almost as fast as they come onto the market.
The latest Propstats data for example, confirms that more than half of the apartment sales this year have been concluded in anything from same day to well under 30 days, such is the demand, she says.
Gutteridge says with such high demand and low stock levels, it is most definitely a seller’s market in this area. The statistics show that sellers are getting better prices and properties selling ever faster.
For example, in Green Point, apartment sales for this year amount to just under R160 million at an average selling price of almost R3 million, about 36% higher than the average price of R2.2 million recorded for the first half of last year.
On a price per square metre basis, Green Point apartments now fetch anywhere between R25 000 and R35 000 per square metre.
Although the difference between the asking and selling price is around 5% on average, she says over 60% of all sales this year have been concluded for close to or full asking price.
This three bedroom apartment in Green Point offers a fireplace, high ceilings and wooden floors. It is selling for R3.35 million - click here to view.
Gutteridge says over the last three years, they have seen about 190 to 200 apartments change hands in Green Point annually, and indications are that demand will remain at a similar level for this year.
The challenge is a lack of stock, and for those still looking to sell, now is an ideal time, she says.
In the seaside suburb of Mouille Point, almost R200 million in sales and an average price of around R5.5 million have already been recorded for this year.
While most of the sales have been in the price band of between R3 million to R7 million, there is strong demand and a shortage of stock all the way to around the R15 million mark, she says.
Based on this year’s sales, apartments are now fetching prices of around R42 000 to R45 000 per square metre and about half of all sales in the suburb have been concluded for close to or full asking price.
Gutteridge says while Green Point buyers tend to be predominantly residential, about half of all sales in Mouille Point have been to holiday and investment buyers. Although most buyers in the suburb still tend to be a bit older, she says younger buyers are increasingly heading to this area.
This home in Green Point has three bedrooms and an open-plan lounge with fireplace. It is priced at R4.2 million - click here to view.
And while Mouille Point is a small, quiet suburb with little commercial activity save for a few restaurants, its main attraction is its seafront location. It has a beachfront area that extends to the nearby Sea Point Promenade, where residents can walk or cycle, and is home to the country’s oldest lighthouse.
She says it is also close to the Waterfront, and there are sport grounds nearby, including the Metropolitan Golf Club and gymnasiums and fitness clubs in the area.
The excellent schooling, beaches and lifestyle further add to the attraction. Green Point is renowned for its excellent shopping facilities and restaurants that line Somerset Road, and where residents and visitors can be seen out-and-about almost 24/7.
Gutteridge says while prices are on the rise, sellers need to be mindful that buyers are still particular about the price that they are prepared to pay.
“If you are a seller in the area, be sure to make contact with an agent who can advise you on the types of apartments and appropriate price range that is in demand.”