Aerial view of Green Point and Mouille Point where the average selling price of properties is up by between 25 to 30 percent.
The neighbouring suburbs of Mouille Point and Green Point on the Atlantic seaboard continue to lure local and international investors alike, and statistics reflecting property sales over the past two years indicate that demand is increasing and prices are up, according to Mike Greeff, chief executive of Greeff Properties, an affiliate of Christie’s International Real Estate.
“Propstats figures show that the average selling price of sectional title properties over the past 12 months rose by 28 percent to R2 211 444 from R1 722 529 – the average selling price recorded for the previous 12 months spanning September 2012 to September 2013,” says Greeff.
“The top price fetched for a sectional title unit in Green Point over the past 12 months was R13.4 million for a 393m² four-bedroom apartment with four bathrooms in Springbok Road.
“At the other end of the market, smaller studio and one-bedroom apartments are occasionally available for under R1m or just above that, depending on position, which counts for much in this suburb.”
Green Point has a growing number of newly built and refurbished mid-rise apartment blocks as well as mixed-use developments with gyms, shops and office space. Traditional and vintage Victorian cottages and terrace houses are also to be found, and there are plenty of luxurious homes with enviable sea views on the slopes of Signal Hill.
The average selling price for free-standing properties in Green Point over the past 12 months, according to Propstats, was R4 974 769. Greeff says this is a heartening 30 percent increase compared to the average selling price for the preceding 12 months, which Propstats records as R3 820 484.
“The top selling price recorded by Propstats for free-standing homes in Green Point in the most recent 12 month period was R8.5m for a 350m² five-bedroom home with three-and-a-half-bathrooms,” says Greeff.
In neighbouring Mouille Point, a suburb consisting mostly of apartments, Propstats figures show that the average selling price of a sectional title unit over the past 12 months was R4.452m. This is 25 percent up on the average selling price for the previous 12 months which Propstats records as R3 558 047.
Greeff says the top price fetched over the past 12 months for a sectional title property in Mouille Point, was R22.5m for a luxurious 449m² apartment with four bedrooms, four bathrooms and two garages.
“Due to the seaside location, the proximity to the V&A Waterfront and the CBD, properties in these areas draw a lot of interest as holiday rental accommodation and investors have historically enjoyed excellent returns here on houses and apartments,” says Greeff.
Green Point properties for sale through Greeff Properties include a one-bedroom garden apartment with two bathrooms, wooden floors and contemporary finishes, listed at R1.695m.
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