The greater Blouberg/Milnerton property market has seen significant benefits from the semigration boom, according to JP Ricketts, sales manager at Seeff Blouberg.
The market remains robust, with CMAInfo data revealing property transactions worth approximately R8.2 billion - 3,649 transactions - over the past twelve months.
Around 38% (1,394) of these transactions were semigration buyers from other regions, as reported by Lightstone.
The market is split roughly 48/52 between full title and sectional title sales. The average transaction price is about R2.9 million for full title properties and R1.566 million for sectional titles, though prices vary by area, Ricketts notes.
While most semigration buyers hail from Gauteng metros, there are buyers from across the country.
About 2% of sales in the past year were to international expats and investors, who spent an average of R3.79 million.
There is also a thriving rental investment market with high demand for both residential and holiday rentals, Ricketts adds.
Lightstone data indicates that the market has been rewarding for property owners and investors, offering good rental income and above-average capital growth due to high demand.
Propstats data shows that average prices have nearly doubled over the past decade, with increases of about 87% for freehold homes and 90% for sectional titles.
Although traditionally a middle-class area, Blouberg/Milnerton now hosts a diverse range of residents and suburbs with various price points.
The luxury property sector is growing, with homes and apartments adding a new dimension to the market.
Seeff has achieved notable sales, including R7.75 million and R9.75 million in Dune Ridge Estate, Big Bay, and R11 million in Bloubergstrand. The Bloubergstrand village, where old homes have been transformed into modern luxury villas, is now popular with high-end buyers.
New luxury homes in Parklands North and Sandown are selling for between R4 million and R8 million or more. Beach houses in Bloubergstrand and Waters Edge, Big Bay, can fetch between R10 million and R20 million.
Additionally, two stunning golf estates, Sunset Links and Atlantic Beach Estate, have average prices around R8 million.
Despite the high-end market, the area still offers excellent value for buyers, Ricketts said. About 69% of all sales are below R3 million, and around 42% are below R2 million. Agents report many inquiries in the R800,000 to R2 million range.
Ricketts noted that there are opportunities for sellers as stock levels drop in certain areas, with some pockets shifting to a seller’s market. There is strong buyer interest in the R1.8 million to R3 million range, particularly in Parklands, Table View, Milnerton, and Sunningdale.
Semigration buyers typically look in the R1.5 million to R3 million range.
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