Fish Hoek has pushed up in the Cape Town property rankings by exceeding the R1.2-billion mark in property sales, making it a rather significant neighbourhood in the Cape.
With over 40 500 adults, Fish Hoek is a fairly sized area, forming part of the so-called Deep South, due to its location on the Southern Peninsula. It is a popular area for retirement and holiday homes but recent years have seen an increase in younger buyers as 31% of sales over the last year where made by buyers under 35 years.
Families and young creatives, artists and surfing enthusiasts alike are all drawn to the area due to its wholesome offerings and excellent schools.
Overall, the area property market has slowed in line with the greater Cape Town metro trend. The Fish Hoek market has picked up from about 400 transactions in 2010 and peaked in 2015 with 711 transactions, tapering off again in 2016-2017 to 635 and 601 transactions.
For the past 12-months leading up to end July, 619 transactions worth just over R1.2-billion has been recorded at an average transaction value of R2-million.
Some 60% of sales fall in the R1.5-million – R3-million range, but a notable 16% of houses sold above the R3-million price mark.
The village has proven to be a good investment, says Gary Grobbelaar, Seeff’s CEO for False Bay. “Average prices grew by 17% in 2016 and 11% in 2017, but has slowed notably this year with notable implications for sellers. Propstats data shows that market-related properties are selling within 20-48 days and for just about 5% below asking prices while overpriced properties take some 60-100 days and sellers have to cut their prices by up to 12% to conclude a sale.”
The ‘sweet spot’ for sellers, is in the R800 000 – R2-million range for apartments and R1.5-million – R3-million for houses which represents about 60% of all sales activity, Grobbelaar says.
For buyers, it is a great time to get into the market as prices have stabilised and you can find a good deal at last year’s prices, agents say. Almost 80% of all property is freehold, but there are also great apartments and properties in estates on offer.
You can expect to pay upwards of R1.6m for a stunning two-bed apartment with sea views while houses range from around R2m-R5m on average.
The village is also a good rental investment with an active residential and holiday market. Rentals range from around R11 500 per month for a small cottage while luxury houses range from R14 500 – R20 000 per month, and include stunning sea views.
No matter where you buy or rent, you are close to the facilities and amenities and the fabulous Fish Hoek waterfront and 1.2km-long beach. The village is fully self-contained with everything on hand so you do not have to travel out of the area if you need anything. Main Road is lined with shops, services, and restaurants. Aside from all the aquatic pursuits on offer, the area is also fabulous for outdoor-lovers, offering excellent cycling and hiking routes.
You also have access to all of the attractions of False Bay, from Cape Point and Simon’s Town on the one side, St James, Kalk Bay, and Muizenberg. The city is an easy commute via car or train and the Southern Suburbs are also easily accessible for other needs and private schools.
Picture: Seeff Property