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Tuesday Dec 07, 2021

Hout Bay property market rebounds

The Hout Bay market has rebounded well this year with 66 sectional title properties, 182 freehold homes and 24 vacant stands changing hands by the end of November, compared to 2020 when 30 apartments, 110 houses and 9 plots were sold.

According to Terri Steyn, Area Specialist for Lew Geffen Sotheby's International Realty, the charming harbour village has been attracting keen investor interest, with the most popular properties being estate homes.

"Buyers are attracted by Hout Bay's unique, easy lifestyle and proximity to the city and demand for secure estate living in the area has risen sharply in recent years, precipitating a spike in development with estate homes now accounting for almost a quarter of the property landscape.

"And it seems that the pandemic hasn't placed too much of a damper on this sector which is clearly evidenced by recent sales at the latest development, Acrewood Estate, where 12 of the 20 plots have already been sold and transferred."
Steyn adds that the majority of buyers have been from Gauteng and abroad (Scotland and Dubai).

With its ideal north-facing position and stunning mountain views, Acrewood offers serviced, ready-to-build plots varying in size from 932m²to 1382m² with the added value of being freehold with sectional title opportunity.

"Buyers who wish to do so, can sectionalise their plots into two erven and build two single or double story dwellings with the condition being that they are built simultaneously," says Steyn.

In order to harmonise with the natural setting adjacent to the mountain reserve within the Western Cape's fynbos landscape, the chosen architectural style is Cape Vernacular. With an emphasis on eco-friendliness, all homes will have access to borehole water and will be required to install solar panels and heat pump water heaters or gas fired heat pumps.
And, with security being a priority, CCTV Cameras will be installed throughout and the estate will have controlled access. Acrewood is also 500m from a MyCiti bus stop and its convenient location offers easy access to all arterial routes.

"In the face of the emergent trend to move away from the city and live a more easy-going lifestyle, Hout Bay is the perfect location," says Steyn adding that the ongoing appeal of the area is clearly evidenced by recent sales volumes.
"In 2019, prior to the pandemic, the average house price was R4,519,896, and there were 110 sales at an average of 12.5 below asking price and the average time spent on the market was 128," says Steyn.

"This year, at R4.202m, the average sale price of freehold homes was lower, but there were exponentially more sales (182) and sale prices achieved were on average only 9% below asking after spending around a month longer on the market."

Over and above the assortment of eclectic boutique stores for which Hout Bay is known, residents now also have a choice of national chains, including Woolworths, Quick Spar, Pick ‘n Pay and Checkers.

And, where parents in most other areas have a limited choice of schools and face long waiting lists, Hout Bay is home to four pre-primary schools, five primary schools and three high schools, with the Hout Bay International School catering to all levels of education.

"Residents in this quirky seaside neighbourhood also have a strong sense of community and the crime rate stats are very low as they are all members of the local neighbourhood watch, Watchcon, and have the newly introduced Buzzer app which links them to Watchcon and emergency services," says Steyn.

She adds that another significant drawcard is that Hout Bay offers investors a wide and diverse range of properties, from modern lock-up-and-go units and secure lifestyle properties to quaint old cottages and sprawling mansions on large grounds and the area also still boasts a number of equestrian estates.

Jointly marketed by Lew Geffen Sotheby's International Realty, remaining plots at Acrewood are priced at R1 695 000 Inc VAT (no transfer duty).


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