A changing buyer demographic bolsters Kristenhof market
Category Property News
THE PREVAILING eco political climate has undoubtedly put a damper on the rampant development sector in Cape Town, but in the southern suburbs where there is still significant demand for accessibly priced homes near good schools, affordable boutique estates are emerging to meet this demand. The latest offering is currently under construction in Kirstenhof, with two of the four units already complete and, according to Dawn Bloch, area specialist for Lew Geffen Sotheby's International Realty, it ticks all the right boxes. "Bordeaux is not only the first secure boutique development in the suburb, it's also unique in the area in terms of finishes, aesthetics, features and pricing. "Ideally situated on the corner of La Dauphine and Altenberg Roads in a tranquil neighbourhood with spectacular mountain views, these luxurious three bedroomed townhouses are ideal for young professionals and families starting out as well as singles entering the property market and empty nesters downsizing. "Designed to optimise privacy and with family living and entertainment in mind, these designer homes offer contemporary open plan living at its best, with a slow burning combustion oven fireplace and wood stack in the lounge and a modern, fully equipped kitchen at its heart. "Each unit also has a rooftop garden with an outdoor shower, braai and pizza oven, a sizeable plunge pool and compact, low maintenance garden with automated irrigation and an automated double garage. With the aim of optimising convenience and economy as well as giving buyers maximum bang for their buck, each home also boasts a number of energy saving and eco friendly features. These include a 4001 heat pump system, grid tied PV system, individual ground water filtration systems feeding into the homes, double glazing, under floor insulation in both ground floor and first floor as well as in the roof. Bloch adds: "Units 3 and 4 will be complete by June 2020 and, priced at R5.125 million including VAT with no transfer fee due." According to Claude McKirby, co principal in the southern suburbs, Kirstenhof has been growing in popularity in recent years, not least because it still offers good value in a high value area with property in neighbouring Tokai, Bergvliet and Meadowridge generally being more expensive. "It's also a well established suburb where residents enjoy a peaceful lifestyle with close proximity to two excellent schools and a choice of shopping centres and other amenities. "Kirstenhof has therefore been attracting a growing number of younger families, which is borne out by Lightstone data which reveals that 47% of recent sellers owned their properties for 11 years of longer and 64% were aged above 50 years. "Conversely, 47% of recent buyers were 35 or younger whilst 39% were in the 36 to 49 age group." McKirby adds that the positive impact of this growing popularity and changing demographic is clearly demonstrated by the price stability in Kirstenhof during the past three years and the fact that house prices have steadily risen while many neighbouring suburbs started to experience a dip in property values. "According to Propstats data, the average selling price has increased from R2.28m in 2016 to R2.52m in 2017 with a further increase taking it to R2.66m by the end of 2018, despite the worsening market conditions." McKirby concludes: "Despite the economic downturn, there is always a demand for affordable, quality homes. We may see a few more properties coming onto the market from existing owners who are overextended."
Author: Lew Geffen Sotheby's International Realty