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Thursday Feb 24, 2022

Record prices in Noordhoek and Kommetjie fuelled by semigration

Last year the median house prices in both these scenic enclaves reached record highs with agents reporting a notable increase in upcountry buyers as well as a spike in enquiries from international investors after travel restrictions were eased.
Nancy Massing, Managing Director of the Lew Geffen Sotheby's International Realty Cape Peninsula franchises says: "Prior to the pandemic, the highest median house price in Noordhoek was R7.275m in 2017 but last year it achieved a new record high of R7.65 million.
"And in Kommetjie, the record median price of R3.51m achieved in 2021 has already been eclipsed this year with a jump to R4.35m. And last year, a record number of houses (98) also changed hands.
"Lightstone data further reveals that whilst 70% of the stable owners and 100% of recent sellers in Noordhoek during the past year were aged over 50, 100% of the recent buyers were aged between 36 and 49, which clearly depicts the changing demographic."
"Last year we began to see real movement again with many enquiries from Gauteng and KwaZulu Natal buyers looking move to the area," says Lilian Bron, Noordhoek Area Specialist for the group, "and international enquiries have also notably picked - not only from Germany, the UK, France and Belgium as per the norm, there has also been unusually high interest from US buyers."
She adds that gated communities are most sought-after by upcountry buyers for whom security is always a priority.
Partner Area Specialist, Linette Kempster, says: "Sales of vacant stands are doing particularly well in low density Chapman's Bay Eco Estate which offers excellent potential for capital growth and many of our existing estate homes are either under offer or already sold.
"The most active price band in Noordhoek is R5m to R10m, however, many upcountry buyers are astounded when comparing prices between Cape Town and other provinces although most consider the lifestyle and tranquil, scenic environment well worth the price."
In neighbouring Kommetjie, homes priced between R3.5m and R5m are most sought after with those offering sea views, proximity to the beach and flatlets being especially popular according to Area Specialist, Natalie Cooper.
"That being said, the whole market has done exceptionally well since lockdown restrictions began to ease with a much higher volume of higher priced properties selling than in previous years.
"There is also ongoing development in the area to keep up with the growing demand. Riverside Village, about 1km from the beach, is selling vacant stands and, with a design manual available, buyers will be able to design and build their own homes. 
"Village Lane is a sectional title development of modern apartments in the central area with a choice of either upstairs units with balconies or downstairs units with gardens."
Kommetjie has seen considerable commercial development in recent years with very little commercial expansion in Noordhoek, however, according to Robin Lautenbach, Commercial Specialist for the group, one of the last remaining large stands in Noordhoek has just come up for sale and, with a current rural zoning it offers appealing possibilities.
"With its current zoning, the 8000m² plot in Crofters Valley would be ideal for a number of ventures, from farming and equestrian to residential development or even probably an exclusive guesthouse.
"One of the main advantages of this erf is its excellent position which boasts sweeping views from Kommetjie across to Chapman's Peak and, as the surrounding land has already been developed, these views can never be lost.
"And, with the land being gently sloping, buildings can be placed strategically to optimize these views."
Massing says: "Idyllic locations alongside the ocean, tranquil settings and laid-back country lifestyles set these two suburbs apart from most areas in Cape Town, firmly placing them in a class of their own. 
"With its quiet leafy lanes, Noordhoek has a serene rural atmosphere, offering residents the epitome of a relaxed village lifestyle. Equally laid-back, Kommetjie still enjoys a strong sense of community and is especially appealing to water sport enthusiasts and nature lovers." 
"Those who love the great outdoors are spoilt for choice in this scenic region as they can indulge in all manner of activities including hiking, fishing, horse riding, boating and cycling without venturing very far from their front doors."
She concludes: "We are in a really positive phase of the market with loads of potential lying ahead for buyers and sellers.
"The growth of the market and our company in the area allows us to currently expand into new areas and we are busy growing our remarkable team."


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