Table View is a dynamic market

Table View is a dynamic market

Category Property News

Table View, with its long expanse of beachfront, excellent shopping facilities and superior schools, represents one of the most dynamic property markets in Cape Town with property sales last year of more than R300 million.

This is substantially higher than in 2013, says Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, and demonstrates how rapidly buyer demand is growing for this family-orientated suburb on Cape Town’s western seaboard.

In 2013 the total value of property sold in the suburb was around R215m.

Citing figures from Propstats, the property sales aggregation website of the Western Cape branch of the Institute of Estate Agents, Geffen says more than 260 properties changed hands in Table View in 2014.

“That’s nearly 60 more than in 2013 and represents an increase of close to 30 percent in overall property sales year-on-year, which is remarkable,” he says.

Last year, properties worth R302.378m were sold, of which just over R175m were houses and about R127m were sectional title units.

“One of the biggest drawcards of the area, though, is its affordability,” says Geffen. “Average house prices there last year were just less than R1.3m, and the average price of sectional title units was around R1m.

“But this still represents a substantial increase in value year-on-year. In 2013 average house prices were around R1.14m and sectional title units averaged just over R900 000. This means the value of the sales market increased by around 13 percent for houses and just over 10 percent for sectional title units from 2013 to 2014.”

Geffen, who along with the chief executive of the Lew Geffen Sotheby’s International Realty Atlantic seaboard franchise has recently taken over hands-on management of the western seaboard branch, says according to 2011 Census figures, Table View had about 25 000 residents.

“But that number is growing swiftly as we see new developments completed, and who wouldn’t want to live there? It’s just 17km from the CBD, and with the new rapid bus transport system it means nobody has to sit in traffic anymore.

“The area also has beautiful beaches, is world-famous for kite-surfing and the adjacent Rietvlei lagoon is used for any number of water sports. Combine that with top class shopping, two hospitals, superior schools and a wide variety of restaurants and entertainment facilities to choose from, and as a resident one would almost never have to leave Table View,” says Geffen.

He says many buyers in the suburb are young families and first-time homeowners.

“If you compare prices in this area to other parts of Cape Town, there’s absolutely no doubt that it represents phenomenal value and a great place to get your foot on the property ladder.

“Property prices in Table View rarely exceed R5 000/m², whereas in suburbs along the Atlantic seaboard like Green Point – that are still considered to offer very good value for money for their location – you’re probably looking at between R20 000/m2 and R30 000/m² on average.

“And on the southern suburbs side, in an area like Claremont you’re also easily looking at between R10 000/m2 and R20 000/m² when you buy a property.”

Geffen says the massive increase in sales between 2013 and 2014 means that prices in Table View will increase along with demand.

“It’s a good time, if you’re in the market, to consider options in Table View. Any property you look at now, is likely to be at least 10 percent more expensive next year, so the time to buy is now.”

* Photo credit: Darren Glanville

Author: Lew Geffen Sotheby's International Realty