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DEMAND FOR ZWAANSWYK PROPERTY CONTINUES TO RISE
Category Property News
The pastoral enclave of Zwaanswyk that was ravaged by the fire that raged across the Cape Peninsula in March last year has not only completely recovered from the devastation with all homes and fences repaired and dead trees removed, including from the expansive area abutting the forest, but the post-fire property market has remained steady with unwavering demand.
Dawn Bloch, Area Specialist for Lew Geffen Sotheby’s International Realty, who has brokered all four of the sales registered this year, says: “Almost immediately after the fire last year I sold two properties right next to the forest, including one home that was very badly damaged.”
Bloch attributes the suburb’s market resilience and fact that it bounced back in record time to several key factors.
“Zwaanswyk is one of the few remaining areas in close proximity to the city which still offers equestrian estate-sized erven on which residents can stable their horses, ride safely in the area and enjoy a true country lifestyle. There is very little available stock to meet the demand as the suburb consists of only 124 properties”.
“It is also regarded as one of the safest areas in the Cape Peninsula Precinct as it has only one entrance and exit point which is guarded and monitored round-the-clock and also fully surrounded by an electric fence.”
Bloch says that the area’s appeal and demand is evident in the steady growth of property values.
“Plots now sell for up to R7m, depending on position and views, which is around R1 Million higher than a year ago. And, whilst it was previously possible to buy an older house from around R8.3m, there is simply no stock available at present in this price bracket. Houses now sell for around R12 Million and upwards, with the top end of the market selling at R30 Million”.
“The buyer demographic is also changing and Zwaanswyk is attracting more Overseas and Upcountry investors than ever before due to its unique blend of luxury and equestrian homes set in sylvan, lush landscapes with exquisite False Bay with surrounding and distant Mountain views”.
“Two of Sotheby’s most recent sales was a magnificent acre plot with spectacular views, sold to a Johannesburg family and a modern home with a tennis court and swimming pool , which was bought by a Finnish investor.”
Bloch adds: “The R25m plus bracket is currently attracting predominantly overseas buyers and we saw a marked spike in interest on our international website directly after the recent municipal election, with steady interest thereafter.”
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says: “The spike in demand has resulted in a dearth of available stock, which is further exacerbated by the fact that many existing owners are hanging onto their properties and opting to renovate rather than sell.”
“Existing owners are very aware of the rising value of their increasingly sought-after properties and they also realise that it will not be easy to replace their current lifestyles should they move elsewhere.”
“There is very little greenfield land left for development and, although subdivision of larger erven to around 3 350m² is allowed, the formal process takes at least two years and requires the services of a land surveyor as well as the consent of neighbours.”
Geffen adds that as most Zwaanswyk residents would prefer to retain the rural atmosphere of the area and are not keen on sub-division or development, it’s very unlikely that we will see the gap between supply and demand closing any time soon.
Bloch says that another major drawcard is that not only does Zwaanswyk offer an idyllic lifestyle, but residents also enjoy the convenience afforded by being close to many world-class amenities.
“Residents have access to a number of excellent schools, including Reddam House, The American International School and Waldorf, the Tokai Medi-Clinic is right on their door step and several excellent shopping centres including The Steenberg Shopping Centre, The Blue Route Mall and Forest Glade House are only a short drive away.”
“They also have a wide selection of superb restaurants and top wine farms and outdoor enthusiasts are spoilt for choice with easy access to the False Bay beaches, several golf courses and myriad hiking, biking and horse riding trails.”
She concludes: “It’s very evident that Zwaanswyk has come of age as it is no longer referred to as ‘Cape Town’s Best Kept Secret’ – it is now actively being sought out by educated and discerning buyers.”
Author: Lew Geffen Sotheby's International Realty
