The entry level price in Camps Bay currently stands at around R8.5m, some R2m up year-on-year from last year’s R6.5m.
The entry level price in Camps Bay currently stands at around R8.5m but in reality, say Seeff agents for the area, Rochelle Serman and Lyn Pope, there is now very little to buy below R10m.
With 104 properties sold in the suburb for the 2015 year, activity was very similar to that of 2014 when 109 properties sold. “What we have seen this year though, is that almost 20% of the 44-odd properties sold this year, were above the R20m price mark.”
Serman says the high demand has outweighed the stock supply and this has moved the entry level price of an old freestanding home to a record-high of R8.5m. This in turn has created a push from the bottom upwards, increasing prices and sales over the R20m price mark and causing a shortage in quality stock in the R10m to R15m price band.
The agents go on to say that the growth trend in the prices is clearly evident when you look at the Propstats data. As at July 2013, some 16 freehold house sales fell below the R10m price band. By July 2014, this had dropped to only 4. Then, to only 3 in July 2015 and this year, only two sales have been recorded below this price level.
Serman says buyers represent a wide demographic and come from across the globe, and they are still seeing plenty of relocations from Gauteng.