Higgovale in Cape Town a hotspot for wealthy buyers
Higgovale, the small and exclusive suburb of Cape Town’s City Bowl, now ranks in the country’s top five suburbs by average house price.
This five bedroom house in Higgovale, Cape Town, has open-plan living areas, underfloor heating, two fireplaces, Jacuzzi, patio and a manicured garden. It is priced at R49.95 million - click here to view.
This is according to the latest Lightstone data, which shows Higgovale’s average price rising by over 50% to R10.6 million in just two years. It is currently outranked only by Clifton at R17.4 million, Bantry Bay at R11 million andBishopscourt at R15.4 million in the Cape, andSandhurst at R14.3 million in Johannesburg.
This is according to Seeff agents, Talitha Finkayand Michele Apperley, who say home to only about 225 freehold homes and about 88 apartments, this small residential node has become one of the most exclusive addresses in the country. Buyers are now prepared to pay well into the upper millions for a home in this area.
The agents say the City Bowl has evolved from one of the toughest markets some five years ago, to become one of the most sought after and valuable in the city. This is testimony to the impact that regeneration has on the demand and value of property in an area.
Some ten-odd years ago, buyers looking for a suburban home would have opted for the southern side of the mountain. Today, Higgovale is a suburb of choice of wealthy buyers looking to invest in bricks and mortar in a top location, and they are being rewarded with excellent growth.
Finkay and Apperley say buyers who invested in this area some ten years ago, would have paid around R3.8 million for a freehold house. Today, the average price is almost three times more.
This three bedroom house in Higgovale offers a formal lounge with double-volume ceilings, fireplace, TV room, wine cellar and patio. It is on the market for R19.75 million - click here to view.
Aside from the capital value growth, older homes are being upgraded, and these, together with new homes, can now compare to the best in the country, and can come with price tags of up to R20 million to R50 million at the top end.
According to Propstats data, well over R550 million in real estate has sold in the suburb since the start of 2013 when the market began climbing. Vacant land is exceptionally rare, and a 635sqm stand, for example, sold for R5.2 million, although prices range to R6.9 million for a 543sqm with views. Freehold houses have sold for up to R26.5 million in Glen Crescent.
Although there are a rare few exceptions, Higgovale now boasts an entry-level price of R6 million to R8 million for a freehold home, says Finkay and Apperley.
Almost half of the 19-odd freehold sales recorded over the last year were priced upwards of R9.5 million, with a significant portion above the R10 million mark.
However, the agents say house prices do still tend to vary greatly depending on size, style and location, and there is still some good value to be had.
Older homes tend to start at upwards of R6 million, while renovated homes now start at around R15 million. Top-end homes on the market right now include a contemporary architectural home with views and top class finishes, priced at just under R50 million.
This 543sqm vacant land is selling for R6.9 million - click here to view.
Set on a large stand of 1 760sqm, the home compares to the best in the country, testimony to just how exclusive the suburb has become, say the agents.
There is an imposing entrance hall, banquet-sized living rooms, a Miele and Gaggenau-fitted gourmet kitchen, five bedrooms suites, all with walk-in closets and opening to view patios, heated marble floors, fireplaces, an outdoor entertainment terrace and swimming pool and more.
Finkay and Apperley say Higgovale is slightly elevated against the slopes of Table Mountain with tree-lined lanes that wind through the suburb. This, along with the enormous convenience factor and value of land, are all factors that have contributed to its rise as a top ranked suburb. It offers the benefit of suburban living, yet with the city convenience all rolled into one.
The agents say most homes enjoy mountain views and over the city and harbour out over the ocean. At night especially, the views are quite mesmerising, and this alone contributes significantly to the demand for homes in this area.
Residents also have almost immediate access to the trendy high streets of the city, includingKloof and Long Street, not to mention the many other entertainment and leisure attractions.
Aside from local conveniences, residents are within a 10 to 15 minute radius of top malls such as Gardens, the V&A Waterfront, Canal Walk and Cavendish Square. The Atlantic Seaboard and beaches of Camps Bay and Clifton are also practically on the doorstep.
Finkay and Apperley say although Higgovale is one of the oldest suburbs in the city, it has become a present day hotspot. Wind-free and close to top schools, makes it a top choice with young executives and families and almost half of all recent buyers falling under the age of forty.
“We are finding that discerning buyers with a good sense of the suburb are watching the market closely, ready to ‘strike’ with a cash offer as soon as a good property comes onto the market. Properties are therefore not sitting around on the market for long,” say the agents.