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PICS: Mouille Point no longer Cinderella of CT luxury market

Aug 19 2017 11:56
Carin Smith

Cape Town - Property values in Mouille Point, along Cape Town's popular Atlantic Seaboard, have shown a steady increase as investors realise the value of these units, often for buy-to-let purposes, according to Pam Golding Properties (PGP).

Long regarded as the lower-end of the Atlantic Seaboard property market, recent changes to the area, and the advent of the adjacent Waterfront, have seen Mouille Point, now referred to as the Platinum Mile, become as sought-after as its high-end neighbours - challenging the likes of Bantry Bay on a rand/per square metre basis.

Prices rose sharply in 2015 and have remained elevated. With a price escalation of 97.7% since 2011, an investment in a Mouille Point apartment has outperformed the gold price, which showed a 60.1% growth in the past five years, the JSE 40 at 54.2% growth versus inflation at 31.8%, says Sandra Gordon, PGP research analyst.

The price per square metre in the area has increased exponentially and it’s not uncommon for apartments to sell for R80 000/m², according to PGP agents for Mouille Point, Mariël Burger, Paul Levy and Kim Bailey.

They say Mouille Point is more than holding its own in the luxury market, with apartment prices rising by over 97% in the past five years.

The highest sales price in the past year - August 2016 to August this year - for an apartment in the area, was at The Waterclub on Beach Road. This 277m² property sold for R35.25m - at R107 798/m².

During the past 12 months, 82 sectional title units sold at an average price of R5.3m, and more than half of these properties were in the top price band registering an average price of R7.4m.

Mouille Point lighthouse and Green Point Park:

According to PGP’ research, activity in Mouille Point’s property market has rebounded since the 2008/2009 recession and remained buoyant despite the economic slowdown being experienced nationally.

An 8th floor apartment in Two Oceans Beach sold in 2016 for R22.5m – approximately R86 000/m², for instance.
 
Another luxury apartment in the area, currently on the market for R33.75m, is in The Breakers in Bay Road.

The Breakers:

The Breakers bedroom:

The Breakers living room:

The unit boasts four bedrooms, a generously-sized reception area that easily accommodates a baby grand piano and an expansive space for entertaining; a south-facing indoor/outdoor swimming pool; a large patio enclosed with frameless glass; and a gourmet kitchen.

The Breakers bathroom:


Additional and unique features of this luxury home include a concierge who will show guests to the direct-access elevator, a separate butler’s suite with its own elevator access and a spacious triple-car garage.

The Breakers kitchen:

Buy-to-live
 
Burger, Levy and Bailey note that unlike many of the investors interested in the Atlantic Seaboard for holiday accommodation or to let, those buying in Mouille Point will live in the area.

Many of their buyers have downsized from their homes in other Cape Town suburbs. They want a lock-up-and-go home close to the vibe of the city centre, the convenience of nearby retail centres and the V&A Waterfront, and with access to the many outdoor recreational activities that are available, they explain.
 
They describe Mouille Point is a fairly stable housing market with nearly half (49%) of current homeowners having been in their properties for at least 11 years.

2-bedroom apartment in Amalfi, Mouille Point, in the market for R10.95m:

Amalfi bedroom:

Amalfi living/dining room:

Lightstone data shows that the suburb has a slightly older age profile than the nearby Waterfront, for example, with 42% of the stable homeowners falling into the “pensioner” category (65 years or older) during the past year.

But, the average age of homeowners is dropping with 48% of buyers in the past year being between the ages of 50 and 64.

3-bedroom apartment in South Seas, Mouille Point, listed for R15.5m: 

South Seas bedroom:

South Seas lounge:

The agents explain that the past decade has seen the transformation of Mouille Point into a vibrant, dynamic neighbourhood. Not only does it have the Green Point Urban Park in its midst, but it is also flanked by the Promenade, which is packed throughout the year with athletes, families and visitors enjoying the benefits of being close to the sea.

Another Amalfi apartment, this one listed for R8.9m:

Second Amalfi apartment bedroom:

Second Amalfi apartment lounge:

Mouille Point is one of the few areas with a designated dog-friendly area and 70% of the buildings are pet-friendly. Residents are actively involved in the upkeep of the neighbourhood, with many contributing to the Mouille Point Ratepayers’ Association.

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