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Bishopscourt buyers getting younger

March 25, 2015

Discreetly opulent, with most erven some 4 000sqm 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.

This is according to Pam Golding Properties agents Myrna Duveen and Christiaan Steytler, who say 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.

The bulk of property acquisitions are also usually paid for in cash, they say.

Pam Golding Properties’ (PGP) own sales data confirm this; the agent partnership has sold magnificent top-end homes for R69 million towards the end of 2014.

More recently an ultra-modern, luxury open plan home was sold for R42 million, and a contemporary home with large home office fetched R28 million, to name a few transactions.

Duveen and Steytler say that homes generally range from R10 million for a smaller, usually unrenovated home on a smaller erf, to between R15 million and R18 million for an average home on a 4000sqm erf,

Prices for a luxury home with top quality finishes, all bedrooms en suite, a guest cottage and top security ranges from R25 million to R69 million and beyond, they say.

Right now, PGP has stock available for purchase priced from R10.9 million to an eye-watering R90 million.

“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.
Every bedroom in this four bedroom four bathroom home in Bishopscourt boasts mountain views. The home offers a swimming pool, jacuzzi and glass walls. It is on the market for R29 million - click here to view.

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.

Duveen says 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.”

She says 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 breathtaking 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, she says.

“Comprising approximately 29% 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, she says 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, says Duveen.

Steytler says 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,” he says.

 

 

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