Fixer-upper homes selling fast in CT Milnerton
The latest trend in residential property is for young upwardly mobile couples to buy less expensive homes which are in dire need of renovation and then gradually upgrade them while living there.
This two bedroom townhouse in Royal Ascot, Milnerton, offers an open-plan kitchen, built-in braai and a manicured garden. It is on the market for R1.65 million - click here to view.
This is according to Dave Zieve, a senior agent of the Rawson Property Group’s Milnerton franchise, who says this practice has given Milnerton in Cape Town a popular image.
Today it is increasingly occupied by these sparky young couples, usually with a combined monthly income in the region of R70 000, who have young children, entertain regularly and are enthusiastic participants in water sports and golf for which the area is now well known.
He says they also tend to like retail therapy, and nearby Century City is ideal for this. A further reason for them being attracted to Milnerton is its 12km distance from the Cape Town CBD and the V&A Waterfront.
Couples looking for homes in need of an upgrade often do so because by Milnerton’s standards they are reasonably inexpensive, priced at around R1.9 million to R2.25 million. As soon as the house is in good condition, its price will inevitably increase to anything between R2.8 million and R5 million, says Zieve.
What has to be realised, he says, is that most of these innovative young couples thoroughly enjoy upgrading their homes and are good at renovation work.
This property in Milnerton Ridge, Milnerton, has four bedrooms and an open-plan kitchen. It is selling for R2.29 million - click here to view.
“They see it as being a fun task and not a chore,” he says.
Zieve says stock shortages are still being encountered in Milnerton, and correctly priced homes do sell fast. Recently a sectional title unit was put on the market, and the advertisement attracted no less than 23 phone calls from interested enquirers.
The unit, which is tenanted with the tenant holding a long-term lease, was sold at close to R700 000 within 72 hours. Right now, there are freestanding houses priced at R2.8 million, R3.6 million, R4.2 million and R4.95 million. All of these are worth looking at, he says.
Zieve says in hot markets such as that prevailing in Milnerton today, canvassing and marketing have to be highly sophisticated and quick off the mark.
Asked if he foresees the market continuing to rise year-on-year, he says the demand is so strong that he cannot see it easing off. However, he says South Africa’s economic issues are likely to result in slower price rises by the end of year.
“These will still be in the region of 10%, which is way above the national average,” says Zieve.