Buyers Opting for Best Address: Bishopscourt
Discreetly opulent, with most erven some 4000sqm in extent, the highly sought after residential enclave of Bishopscourt centrally situated in Cape Town’s Southern Suburbs is considered by many to be the best address in South Africa.
Luxurious homes in these tranquil, tree-lined streets fetch prices generally beyond the budget of all but the well-heeled, with the most common price range of homes in demand in the region of approximately R20 million, and where the bulk of property acquisitions are paid for in cash, according to Pam Golding Properties agents Myrna Duveen and Christiaan Steytler.
Duveen and Steytler say that homes generally range from R10 million for a smaller, usually unrenovated home on a smaller plot to R15 million – R18 million for an average home on 4000sqm and up to R25 million and R69 million and beyond for a luxury home with top quality finishes, all bedrooms en suite, guest cottage and top security.
“Top end homes usually have luxurious finishes and loads of extras such as a tennis court, squash court, in some instances both an indoor and outdoor pool, garaging for four cars and so on,” says Steytler.
According to statistics provided by Propstats, in 2013 the average selling price was R10.462 million, which dramatically increased to R17.904 million in 2014.
With only about 300 homes in total in Bishopscourt, one wonders how often properties change hands, and become available to purchase.
Explains Duveen: “There is always a high demand for homes in Bishopscourt, even through the recent economic recession and property market downturn. Despite the hefty price tag, currently the bulk of our purchasers are younger families, drawn by the access of the suburb to good schools and proximity to Cape Town and its international airport. Bishopscourt is well positioned to accommodate those needs and many more, not the least of which is privacy, as properties usually cannot be subdivided to less than an acre – apart from some half acre properties on the periphery of the suburb. There’s also a great sense of community and security in the neighbourhood, with its lush, green well-maintained gardens and homes, and breath-taking mountain views so close you can almost touch it, not to mention the close proximity to Kirstenbosch. Perhaps best of all, there’s no Southeaster wind.
“Comprising approximately 29 percent in 2014, our out of town buyers are mainly from Gauteng and KwaZulu-Natal, with the balance of purchasers mainly from the Western Cape. Apart from established wealth, there’s a lot of ‘new’ money here, particularly from upcountry. In 2013, 19 properties changed hands in the area, which rose to 27 sales across the market in 2014. At present there is a shortage of stock, no doubt due to the high activity last year coupled with the ongoing demand for homes, particularly as residents prefer to remain in Bishopscourt when upgrading or downsizing due to lifestyle changes and preferences.”
Adds Steytler: “Some buyers acquire a property simply to demolish and construct a modern home to suit their own specifications and needs. In such an instance they may purchase a property ranging somewhere between R12 million and R15 million and then invest a further R10 million or more in building their dream home.”
To cater for the demand for new, contemporary homes, Pam Golding Properties is currently marketing three plots, each with a customised designer home, in Bishopscourt’s first exclusive, gated security estate, Klaassensbosch. Accessed off well-known Klaassens Road, each erf comprises just over 4000sqm – a spacious five bedroom, five bathroom home of approximately 850sqm, designed in a contemporary Cape Georgian style.
For further information contact Pam Golding Properties on 021 6734200 or Myrna Duveen on 082 443 8417 or Christiaan Steytler on 082 658 0071 or email email@example.com or firstname.lastname@example.org.
Text: Gaye de Villiers