This R23.5m six-bedroom Camps Bay home was designed by Stefan Antoni with mountain and sea vistas from every room.
Property trends for Camps Bay for the period January 2005 to December 2009 show that the suburb has experienced a healthy average house price growth of 14,70% year on year since 2005, says Seeff property analyst Stefan Hauptfleisch.
He has reviewed deeds registry figures for the period on the sales of homes in various property price bands, property price growth, annual sales and monthly property price variations.
“Only one property was sold for more than R30m, and that was during 2008 at R32.250m. In the price band between R10m and R30m, 42 houses worth a total of R639 476 400 were sold from 2007 to 2009.
“During 2007, 12 properties in this price band were sold for close to a total R160 million with the average price R13,19 million. This figure increased dramatically during 2008, when 15 houses were sold worth R239 463 400, which was 51% higher than the value of total sales in 2007. This caused an increase of 21,04% year on year in the average house price in the R10m to R30m price band - from R13,19 million to R15 964 560 in 2008. In 2009 the average house price in this band was R16 115 200 – a marginal increase of 0,94% from 2008.”
He says in the R2,5m – R10m price band a total of 189 properties were sold from 2007 to 2009, worth R1 136 581 755. Most sales in this popular price band were recorded during 2007, with 101 houses sold (R602 710 955). This figure deflated by almost 57% to R262 153 800 during 2008, and the average price for homes in this price band to decline by -1,36% from R 5 967 435 to R 5 958 041. Total sales in this price band increased by 4,0% to R271 717 000 during 2009 while the average house price increased by 2,44%.
“Overall, Camps Bay homes have experienced a very healthy average of 14,7% year on year price growth since 2005, the best year having been 2008 with 30,26% and the only negative trend being in 2009 with a very small a decline of 0.8%.
“In 2006 114 transactions worth a total R713 515 171 took place, and annual sales in Camps Bay reached a record high during 2007, with 113 sales worth a total R764 890 955. Of these, 56 sales (R372 840 955) took place before the implementation of the National Credit Act in June 2007 and 59 (R392 050 000) after the implementation. The act seems to have had little impact on sales during 2007.”
He says the decline of property sales during 2008 was helped on by a series of increases in the bond rate. It was 13,50% on August 17 2007 (at this stage 2,5% higher than the 11% at approximately the same time in 2006). On December 7 2007 the Reserve Bank increased the repo rate once again, to 14%, followed by another increase on April 11 2008, which forced bond rates up to 15%, then up again on June 13 to 15,5%. On December 12 2008 the interest rate dropped to 15%.
“Money became increasingly expensive to borrow, and caused a huge decrease in property sales, together with the added impact of the NCA and a world-wide recession. The decline in property sales continued during 2008, when only 61 sales (R535 124 731) took place - approximately 54% less than the previous year. During 2008 and 2009 sales averaged five a month, worth R42 649 583 and R45 838 311 respectively.”
Ian Slot, MD of Seeff Atlantic Seaboard, CBD, City Bowl, V&A and Camps Bay, says these statistics highlight that buying a home in Camps Bay is a solid investment, and all the signs for the first quarter of 2010 show that Camps Bay is back to its winning ways.
