Kommetjie market bolstered by location and affordability

Kommetjie market bolstered by location and affordability

Kommetjie beach is one of the many attractions of this seaside suburb.

In 2017 the property market in the seaside suburb of Kommetjie took a significant knock in sales volumes with registrations dropping from an average of 70 the previous four years to just 47. But it also experienced an increase in the median house price which grew by 10.3%, from R2.9 million in 2016 to R3.2m in 2017.

Citing Lightstone data, Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says that vacant land did not fare as well, with the median sale price dipping by 26.9% to R1.188m after a high of R1.625m in 2016.

“And, like many other areas, the top end of the market was the worst hit. Propstats data reveals that in 2016 there were 10 transactions for more than R5m with two being in the R10m plus price band, but last year there were only four sales above R5m and none in the higher bracket.”

Natalie Cooper, area specialist for the group, says: “Houses priced below R3.5m have continued to sell reasonably well if realistically priced, but buyers have become a lot more cautious and circumspect due to a number of factors including political uncertainty, the drought and limited realistically priced stock.

“Changing buyer needs have also affected the market, with a growing demand for water-wise homes with features like boreholes, wells and grey water systems and we are also fielding more and more requests for dual living properties. Homes with sea views and good security remain in demand.”

For decades, Kommetjie was traditionally home to the local arty set and surfing community, and was inhabited by long-term residents who seldom moved away, but this has changed in recent years.

“In 2013 the market in Kommetjie began to pick up really well, with the number of registrations jumping from 58 to 71 and the median house price nudging the R2m mark for the first time,” says Geffen.

“This was largely fuelled by two emergent trends – semigration from Gauteng and the growing number of people seeking a more tranquil lifestyle which continued to drive the steady growth we saw until the end of 2016.”

Although semigration has notably slowed during the last year, Cooper believes that the lifestyle Kommetjie offers as well as its affordability compared to many other seaside suburbs in Cape Town will continue to attract buyers, especially those seeking a laid-back life away from the growing urbanisation.

“Kommetjie is a haven for water sports and outdoors enthusiasts, and residents here can indulge in all manner of activities including surfing, hiking, crayfish diving, horse riding, boating and cycling without venturing very far from their front doors.

“And while they may feel a million miles from the city, Kommetjie is self-sufficient with just about all amenities available in the village as well as in the surrounding area, including malls, medical care and several excellent schools and nearby business centres like Westlake Business Park are only a short drive away.”

She adds that very few areas in Cape Town still cater to investors across the market spectrum, from young families through to couples looking to downscale, and buyers have begun to appreciate what their money can buy on the west peninsula.

Cooper concludes: “Although 2018 is showing promising signs of improvement, investors are still cautious so the market may take a while to re-adjust. But with realistically priced stock I remain confident that we will have a good year.”