Millionaire Suburb, Llandudno Sales and Prices Surge by a Massive 50%
Although the smallest suburb of the Atlantic Seaboard with just 323 freehold properties, Llandudno property sales and prices have surged by 50% over the last year as top end buyers seek out homes along this Blue Chip coastal belt.
At over R13.8 million based on the latest transfer data recorded by Lightstone, the average sales price for the suburb is also already almost R2.4 million more than last year’s average of R11.46 million.
James Lewis, Seeff’s managing director for the area says that Llandudno has become one of the most sought-after coastal suburbs of the country, outranked in value terms now only by Clifton with its average house price of around R17.5 million according to the latest Lightstone figures.
The data also shows that since the start of last year, some 36 properties worth almost R442 million have sold in the suburb. Last year’s 24 sales is also 50% more than that of the prior year (being 2013).
In addition, several top end properties have sold over the last year at prices ranging to R22 million in Leeukoppie Road, R30 million in Apostle Road and as much as R40 million in Steenway Road, all to local residential buyers.
Five years ago, you could still find plenty to buy in the suburb under the R10 million price level, but this is changing fast as the popularity of the suburb grows, says agent, Stephan Cross. In fact, less than one third of all sales since early last year fall below this price level.
It is also mostly younger buyers that have boosted activity and the dynamics of the suburb is changing fast. Where it used to attract older buyers, often retirees, it is now younger buyers, especially families and professionals who are settling here. As much of 75% of buyers are now in this demographic and Lewis says that there is a clear shift to viewing the suburb as trendy and very exclusive.
A draw-card for family buyers especially are the bigger plots that tend to range from around 990sqm to 1300sqm on average, compared to the Atlantic Seaboard for example that are much smaller, says Cross.
The homes, especially at the upper end of the market, are very exclusive with top end finishes. While older houses can still sell for around R9 million to R13 million, houses now generally range upwards of this to about R44 million at the top end for an architectural villa located high up in the suburb with spectacular views.
The particular home is a good illustration of what makes the suburb so sought-after and exclusive, says Cross. It is on a typically larger plot of 1000sqm and offers 640sqm in floor space, spread over six levels, all served by a glass elevator. Plenty of balconies and terraces offer either mountain or spectacular sea views. There are four bedrooms as well as a separate apartment, multiple living rooms, garaging for four cars, wood-burning fireplaces, under-floor heating and air-conditioning, a sauna, Jacuzzi and infinity pool and outdoor shower for the ultimate South African lifestyle.
Llandudno’s location against the slopes of the Twelve Apostles Mountains with miles and miles of azure-blue ocean and a Blue-Flag beach to the front is the primary driver of the demand and value of property here according to Lewis. The suburb also sits firmly amidst protected fynbos and green belts.
The suburb also delivers on the X-factor, it is exclusive. There is only one access road, no traffic or commercialisation, height restrictions and no high-rise apartment blocks. There is also no room for expansion and hence only a very limited number of properties on offer.
Sought-after streets for the best views include Fishermans Bend, Leeukoppie Road, Bosman Avenue and Apostle Road. Lower down, Sunset Avenue closer to the beach is another favourite where properties can reach R50 million for a luxury beach house.
For more information, contact Seeff Hout Bay & Llandudno, Stephan Cross on 082 555 5808/021 790 1032 or visit www.seeff.com