Steep rise in property prices

2015-10-20 06:00

Fish Hoek boasts some magnificent beaches and a whale-watching walkway.

Fish Hoek boasts some magnificent beaches and a whale-watching walkway.

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Home prices in the secluded False Bay village of Fish Hoek have risen by as much as 30% in the past year thanks to a growing shortage of stock.

So says Keith Searle, owner of the Southern Peninsula franchise of a real estate company. He says that demand now very definitely exceeds supply, especially in enclaves such as Capri, Glencairn, Milkwood Park and Faerie Knowe.

“Not long ago, homes in these areas could be purchased for under R1m, but currently there is nothing available for less than R1.5m.

“Homeowners here are aware of the steep rise in prices, but most are not willing to sell and a lack of new development in recent years has exacerbated the stock shortage and put further upward pressure on prices.

“However, buyers seem more than willing to pay current prices because of the peaceful beachfront lifestyle that Fish Hoek offers and the expansive sea views afforded by many homes here. In addition, Fish Hoek still offers some of the very best value in the whole of Cape Town for comparable properties and facilities,” he says.

Searle also says that the buyer profile in Fish Hoek is changing. “Senior citizens buying homes for their retirement used to be in the majority, but there has been a strong trend lately for buyers between the ages of 30 and 50 to relocate to Fish Hoek with their school-going children. We have also seen a significant contingent of buyers from Gauteng who appreciate the relative affordability of Fish Hoek.”

Located as it is between a mountain and the sea, the village has limited land for development, but there are still stands available for those who would like to build their own homes with views over False Bay, at prices from around R400 000, according to him.

“And there are two new developments under way now – one in Capri Avenue and one on Ou Kaapse Weg – that may take some of the pressure off the market.

“Fish Hoek has good schools and medical facilities and new residents can also look forward to upgraded water systems and a new mall opposite the Longbeach Mall, with Checkers Hyper as the anchor. This will also house a Virgin Active gym and a Dischem.”

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