Demand for King William's Town property has received a shot in the arm with the recent relocation of a number of government departments from Port Elizabeth to nearby Bisho.
Bransby Hlongwane, principal of leading local agency Homenet Kings, says that what appeals to many officials is the fact that "many homes in King William's Town are relatively old and thus generously proportioned relative to price".
Freehold homes with three bedrooms, lounge, dining room, kitchen and bathroom range in price from around R550k to R800k, while two bedroom sectional title residences go for about R750k each."
First and second time buyers from East London are also making their presence felt, he says. These buyers have also picked up on the inherent value for money offered by many of the homes in the town and are relocating to cut costs without compromising on quality and space.
Coinciding with all this new demand are infrastructure bottlenecks which have resulted in a de facto moratorium on new residential development in King Williams Town and created a shortage of homes for sale.
"And not surprisingly, this has now prompted some sellers to hike their asking prices. However, buyers aren't biting. If sellers won't negotiate, they simply move on and look for other homes."
Meanwhile, according to Hlongwane, while the local retail and industrial markets are somewhat saturated at the moment, there is a need for more office accommodation for expanding business interests in the area.
For more information contact Bransby Hlongwane on 043 642 2315 or click here to visit the website.
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