Lorraine Homes Appeal to Young Buyers

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27 Nov 2012

Located at the end of the picturesque Garden Route along the Cape east coast, Port Elizabeth has a number of historic attractions. One of its most popular leafy suburbs is Lorraine, which is located close to Kragga Kamma Park and Lovemore Heights. 

This three bedroom, two bathroom home is perfectly positioned close to everything. It offers an open patio, built-in braai and newly carperted bedrooms. It is priced at R950 000 - click here to view.

Situated just west of the Port Elizabeth CBD, which has beautiful architecture, Lorraine is also close to a number of the area’s best beaches and other attractions such as Donkin Reserve and the Seaview Game and Lion Park.

Much of the area’s historical attractions are linked by the Donkin Heritage Trail, including the Campanile bell tower, which was constructed in 1923 in commemoration of the arrival of the 1820 settlers.

The city hall, which was built in 1862, the Donkin Reserve Park and monument and the old stone Fort Frederick, which was built in 1799, also form part of the trail.

Lorraine has a wide selection of property types to suit a range of buyers, with approximately 53 percent of all property in the suburb being sectional title units, as reflected by statistics from Lightstone. 

The Lightstone figures show that the remaining property is evenly split between freehold homes that constitute 25 percent and residential estates which make up 23 percent.

This sea facing property in Lorraine, Port Elizabeth has five bedrooms (one en suite) and four bathrooms. It also features an open plan lounge, dining room, entertainment room, bar, kitchen with scullery, TV room, three garages, a swimming pool, study and a two bedroom flat with shared bathroom. It is priced at R4.999 million through RE/MAX.

Adrian Goslett, CEO of RE/MAX of Southern Africa says younger generations are finding this area particularly appealing, especially the sectional title units. 

Lightstone data reflects that close to 45 percent of recent buyers in the area have been aged between 18 and 35 years old, while 38 percent of recent sellers have been aged between 36 and 49 years old.  

Lorraine is considered to be one of the fastest growing suburbs in this city.

Goslett says it is evident that in this suburb, young couples and executives find sectional title properties appealing, especially for their low maintenance and lock-up-and-go qualities.

He says between July and September 2012, 39 sectional title homes were sold in Lorraine, with the majority of the transactions in the R400 000 to R800 000 price range. 

“Secure residential estates are also a popular option for families, with 23 transfers undertaken in this category between July and September 2012, also predominantly in the R400 000 to R800 000 price range.”

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