An East London home in the prestigious Bonnie Doon area has sold for an excess of R5.5m, the highest selling price in East London to date.
Selling agent, Ann Nel of Lew Geffen Sotheby's International Realty in East London says, "The 350 sq m home on 1 500 sq m ground is situated in Torquay Road, Bonnie Doon and is one of only twenty homes with river frontage and private jetties on the banks of the Nahoon River.
"The home, purchased by a local buyer, consists of 3 bedrooms (main en suite), 2 lounges, a dining room, kitchen, bathroom and double garage as well as a separate self-contained flatlet."
"In addition this property offers a unique, al fresco entertainment area, on the water's edge, with a large swimming pool and garden."
Sue Brownlie, Principal of Lew Geffen Sotheby's Internal Realty East London says property prices have stabilized in the rest of the country but remain buoyant in East London due to the large number of civil servants being relocated here from Bisho and the Transkei. These buyers are fueling the middle market by continuing to snap properties priced between the R1 to R1.5m mark in areas like the northern suburbs of Cambridge and Amalinda.
"Homes with sea or river frontage views continue to sell at a premium, but are still relatively more affordable here than elsewhere in South Africa."
For more information contact 043 726 0111 or visit www.sothebysrealty.co.za.
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