With views of the False Bay coastline, Lakeside is an attractive alternative to pricier Tokai and Constantia, while a sizeable house often sells for the same price as a Kenilworth flat
Lakeside, between the suburbs of Westlake and Muizenberg, with rugged Steenberg (Mountain of Stone) towering in the backdrop and Zandvlei in the foreground, used to be perceived as little more than a dated suburban neighbourhood on the way to False Bay. Now, buyers are beginning to appreciate the area as an attractive alternative to costlier Tokai and Constantia.
A sizeable house in Lakeside can be acquired for the same price as a flat in Kenilworth, so it makes excellent sense to look for property on this side of the peninsula. There are also a lot of older, well-built apartment blocks with spacious units which can still be bought for just more than R1 million.
Dawn Bloch and Lee-Ann Davis, area specialists for Lew Geffen Sotheby’s International Realty, say they have sold more homes to buyers from Constantia and Tokai over the past five years than before.
“These days, about one in seven buyers is from those suburbs,” says Davis. “Many of them are empty-nesters whose children have left home and are ready to scale down financially, but they don’t want to sacrifice space and lifestyle.”
Bloch says: “And it’s not just empty-nesters. As prices in the surrounding suburbs like Tokai, Bergvliet and Meadowridge have become increasingly unaffordable for young families and first-time buyers, more and more buyers are noticing Lakeside’s appeal and excellent value. You can still find a property for between R2.5m and R3m, offering a wonderful family lifestyle, close to all amenities.”
The agents recently sold an immaculate modern double-storey home with a pool on the top deck in Bryn Road for R4 462 500 to one Constantia couple, and the last flat plot of 1 100m² for R1.85m to another, who are building their dream home there.
Bloch says Lakeside is also attracting semigrants from upcountry, those who divide their time between cities.
“Several Joburg buyers are taken with the quality of life in Lakeside. I have also had interest from Swiss and Swedish buyers and recently sold a home to a young couple, who have developed it into an airbnb property which is another growing trend in Lakeside and its surrounds.”
Lew Geffen, chairperson of Lew Geffen Sotheby’s International Realty, says the average house price had breached R2m by the end of 2015 and properties with spectacular views of Zandvlei and the False Bay coastline on the mountainside are now achieving selling prices of up to R6m.
“Although almost 60% of the current residents are in the 50-plus age group and have owned their homes for 11 years or longer, this is rapidly changing with Lightstone data revealing that 40% of all buyers during the past year were 35 or younger.
“There are still a few areas where properties are old and in need of renovation, but most new buyers upgrade their homes and the standard is fairly high. However, despite Lakeside’s growth, it has maintained its charming village atmosphere,” says Geffen.
Bloch believes buyers are attracted to Lakeside because of the beautiful views of the False Bay coastline, the Table Mountain range and distant Hottentots Holland Mountains and, of course, Zandvlei which often offers sightings of pelicans and flamingoes.
The Sea Scout base is in Zandvlei and sailing lessons are available at the False Bay Yacht Club. Kite-surfing, kayaking and fishing are popular pastimes and the annual kite festival is also a well-attended event at Zandvlei.
“The peace and tranquillity and excellent value for money definitely appeal. Lakeside is close to popular beaches and good shopping centres, as well as the Muizenberg waterfront and Kalk Bay with features such as the harbour, restaurants, entertainment, quaint stores and art galleries.”