A steady stream of buyer interest in Noordhoek buys up selling prices

The average selling price for properties in Noordhoek has increased by 14.3%, according to Propstats figures recorded from January to July 2015, when compared to the average selling price achieved for the same period in 2014. “Noordhoek has been exhibiting stellar growth over the past three to five years in particular,” says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie’s International Real Estate. “Earlier on this year, data compiled by Financial Mail pegged Noordhoek as the area with the highest house appreciation in the R3 million plus category, with a 34% house price appreciation exhibited after just one year,” he adds. “Currently, the average selling price, according to Propstats, is R3 109 543, and the figures reveal that the differential between the average asking price and average selling price has decreased from minus 8.4% recorded in the first seven months of 2014, to minus 5.2% for the first seven months of 2015,” says Greeff.

Increased demand brings an increase in prices

“The increase in Noordhoek’s property prices is a result of increased demand for the area, which to some extent is due to a shortage of stock in the southern suburbs. This has subsequently contributed to a shift in buyers’ attitudes with regards to travelling distances to and from Noordhoek. No longer viewed as “off the beaten track”, Noordhoek, with its increase in facilities and amenities, is a growing suburb perceived by more and more people to be the centre of the Southern Peninsula,” explains Greeff.

In July alone, sales by Greeff Properties’ Noordhoek agent, Dale Gremels, included a three-bedroom, two-bathroom home with a double garage on the outskirts of Noordhoek for R1.7 million; a three-bedroom, two-bathroom home with a single garage and sea views in San Michelle for R2.595 million (full asking price); a one-acre plot for R2.5 million and a two bedroom, one-bathroom holiday house in Monkey Valley overlooking the beach, which fetched R4.625 million.

Chapman’s Bay Estate

Greeff has also sold a number of units in Chapman’s Bay Estatein Noordhoek, which continues to experience a steady stream of investor and homeowner interest. “Greeff Properties has sold 70% of all the currently available stock in phases 1 to 4 and the developers are planning to release a further three phases,” reports Greeff. “Construction of the gatehouse and road in phase one is well under way,” he says, adding that the construction of townhouses has also commenced, with delivery being envisaged for during the course of 2016. Currently for sale, through Greeff Properties, at Chapman’s Bay Estate, is one townhouse with the option of three or four bedrooms priced from R2.995 million, as well as three and four bedroom homes with ocean and mountain views, starting from R4.195 million.

So who is calling Noordhoek home?

“Buyers of Noordhoek real estate include families from Johannesburg and Durban, as well as a fair amount of Southern Suburbs people looking to scale down, since Noordhoek currently offers more value for money than most Southern Suburbs areas,” says Greeff. According to Greeff Noordhoek agent, Dale Gremels, overseas buyers are also buying and making enquiries about Noordhoek properties, particularly those with South African connections who are currently living abroad and earning foreign currency, and are therefore able to take advantage of a weaker Rand.

Greeff Properties is currently selling, among others, a large five-bedroom, three-bathroom family home with excellent finishes and impressive views, a large workshop and pool for an asking price of R6.195 million.

Enquiries: info@greeff.co.zaor visit www.chapmansbay.co.za