Young, rich and taking over the posh suburbs

24 March 2015 - 10:41 By NASHIRA DAVIDS

Bishopscourt in Cape Town is attracting young, successful couples who are wealthy enough to afford multimillion-rand properties. Pam Golding Properties agent Myrna Duveen said: "Despite the hefty price tag, currently the bulk of our purchasers are younger families drawn by the access of the suburb to good schools and proximity to Cape Town and its international airport."Duveen said Pam Golding has a database of more than 100 people wanting to buy in Bishopscourt.The company's books feature homes ranging from R10.9-million to R90-million.Duveen said most buyers work in the financial sector.One house, she said, has seven suites, a massage room, a sauna, a temperature-controlled wine cellar and heated pool. Its listed price is R65-million."Comprising approximately 29% in 2014, our out-of-town buyers are mainly from Gauteng and KwaZulu-Natal, with the balance of purchasers mainly from the Western Cape. Apart from established wealth, there's a lot of 'new' money here, particularly from upcountry," she said.Seeff Southern Suburbs managing director James Lewis said demand was expected to outstrip supply in Bishopscourt for the remainder of the year.This will provide "excellent opportunities'' for sellers, he said.He added: "Buyers, on the other hand, will continue heading to this heritage suburb, one of the country's old money enclaves that now attracts young and old alike who are all vying for a top address here."Mike Greeff, CEO of Greeff Properties, said: "Demand for top-end homes in Bishopscourt is increasing, as are the number of buyers with readily available cash."According to the 2011 census, 21% of the households in Bishopscourt enjoyed a monthly income of R102000 or more.The census also revealed that 56.3% of property owners in the area had fully paid for their homes and that 74% of Bishopscourt residents were white.Last year, South Africa's first black billionaire, Patrice Motsepe, and his wife, Precious Moloi-Motsepe, snapped up a 12000m² property for R69-million...

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