13 Dec 2012
In a subdued market, such as that currently experienced in the residential property market, there are areas where good value, facilities or industry become the drivers for demand.
According to Greta Daniel, national sales and operations manager for Pam Golding Franchise Services, this is the case in the Eastern Cape.
She says Pam Golding Properties’ (PGP) sales in East London at the top end of the residential property market, have focused on buyers’ interest in a desirable lifestyle and excellent position, as well as business opportunities, such as in the light industrial sector.
Nahoon and Bonnie Doon in East London have always been regarded as prime areas, due to the vistas and their proximity to the river and sea. Daniel says this year, their office sold homes in the R6 million and R7 million price range, one of them an iconic property. She adds another property in the R6 million price bracket, comprising of a smallholding with a house and another historic building on site, was sold by PGP. "The purchasers of these properties were all locals, demonstrating not only their desire to enjoy all the benefits and attractions these special properties offer, but also their confidence in the local business environment," she says.
Inland, the PGP office in Grahamstown successfully negotiated and concluded a number of high priced sales for the small character-filled town, which is renowned for its educational excellence. Last year (2011) the highest priced sale was concluded by PGP in the R8 million bracket, and during the course of 2012, sales between the R4 million and R5 million brackets have been concluded.
Daniel says the renowned university offers outstanding educational and cultural opportunities for scholars, and contributes to driving investment.
She says from Kenton on Sea to Cannon Rocks there has been unprecedented demand for homes, mainly in the R1 million to R2 million price range, but with some notable sales at higher levels. She notes these buyers are from Gauteng and as parents with school-going children they find it convenient to have a home at the Blue Flag beaches of Kelly’s in Port Alfred and Kariega in Kenton on Sea, only 40 kilometres from Grahamstown.
Daniel says Port Alfred is populated by many permanent dwellers, but enjoys a demand for leisure homes due to its proximity to Grahamstown. The Royal Alfred Marina was awarded the coveted international Blue Flag status and PGP, as a preferred agent on the Marina, concluded a R6.4 million sale on the canals. This included a luxury property with a sea view to an overseas buyer. Nearby, in the Kleinemonde area, a local buyer bought a piece of farmland well situated in the middle of the two rivers, priced in the R6 million bracket.
“For small towns these are noteworthy examples of home buyers seeing the value in special, highly desirable locations, and taking up these opportunities which do not often present themselves," she says but adds it confirms the belief in wealth creation through sound investment in property.
If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.
For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.
Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724