Cape Town’s growing urban population and increasing demand for residential property close to the CBD has driven the revitalisation of adjacent suburbs, with Woodstock, Walmer Estate and University Estate now attracting broad buyer interest.
“Woodstock is a Mother City institution - many families have lived there for generations, and this kinship embrace affords new residents a unique insight into Cape Town’s long and multi-cultured history,” says Burger.
Rapidly rising as three of the city’s most dynamic and active property markets, Lew Geffen Chairman of Lew Geffen Sotheby’s International Realty, says they have enjoyed strident year-on-year increases in average home values in recent years, with ongoing upgrades and regeneration underpinning their strength.
“According to Propstats, a total of 32 sales were recorded in Woodstock in 2012, with only two of these transactions realising more than R2 million, but just two years later the number of sales had almost doubled, with five of them breaching the R3 million mark,” says Geffen.
“Last year 68 properties changed hands, 10 sales exceeded R3 million, and one fell just short of R5 million.”
Lightstone data reveals that in the ‘Estates’, property values have risen this year alone.
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