According to the latest Financial Mail Best Suburbs Survey (in conjunction with Lightstone), the suburbs have achieved phenomenal price growth with Sea Point obtaining 67% over the last five years, 41% over three years and 9% year-on-year, whilst Three Anchor Bay has achieved 65% over the last five years, 41% over three years and a similar 9% year-on-year.
With well-priced sectional properties still selling under four weeks on average in Sea Point and just over six weeks in Three Anchor Bay, the average difference between the asking and selling price in the former is still just 4.7% and 6.1% for Three Anchor Bay.
Sectional title specialists for Seeff Atlantic Seaboard, Adrian Mauerberger and Cecily Sher, say that Sea Point, in particular, has seen a busy few years. The suburb is poised between the city and the Atlantic Seaboard with its own palm promenade.
Added to that is a village vibe that offers retail and service facilities; with eateries, hangouts and a lively nightlife, as well as a good mix of properties made up of apartments and full title houses. According to agents, prices are still notably lower than that of neighbouring Bantry Bay, Fresnaye, Clifton and Camps Bay.
Although still mainly older buyers, the demographic has shifted and the suburb now appeals to a cross section of buyers, from entry-level to starter families investing in smaller apartments to retirees and larger families buying houses.
According to agents, Hilary Biccari and Bryan Ginsburg, there are still plenty to buy below the R3m mark but the bulk of sales this year fell into the R3m to R6m range. Mauerberger and Sher meanwhile say that luxury sectional titles now range from about R6m to R10m.
Three Anchor Bay, meanwhile, may be significantly smaller, but is no less sought-after according to Biccari and Ginsburg. The suburb is slightly more expensive given the close proximity to the Waterfront and has emerged as a popular spot for holiday and second home buyers.
Although you can still find the odd studio for around R1.5m, most apartments now range from around R2m for a one bedroomed unit and upwards of R3.2m for a two-bedroomed flat.
