20 Dec 2012
The Port Elizabeth suburb of Humewood, is close to two blue flag beaches, Kings Beach and Humewood Beach, and is known for its challenging links golf course, the Humewood Golf Course. Today, Humewood is one of few genuine links courses to be found outside of Britain.
Humewood has been described as prestigious and peaceful and is a popular residential area that offers its residents a relaxed coastal lifestyle and a range of amenities.
With over 1000 properties, it is made up of freehold homes, which account for 72 percent of the properties, with sectional title units making up the balance.
According to Adrian Goslett, CEO of RE/MAX of Southern Africa, the owner dynamic in Humewood seems to be changing. Information sourced from Lightstone shows 34 percent of existing owners are aged between 50 and 64 years old, while 32 percent are aged between 36 and 49 years. However, 34 percent of recent buyers have been aged between 18 and 35, and another 30 percent are between 36 and 49 years old, which indicated an increasing number of younger residents in the area.
The average price of a freehold property transaction during 2012 is R1.026 million, a marked increase from the 2011 average of R772 000. Sectional title property prices have remained stable, with only a slight decrease in value since the recession, and have been averaging R727 000 during 2012.
The strongest demand for property seems to be within the R800 000 to R1.5 million mark, with 45 percent of all properties sold between December 2011 and November 2012 falling into that price bracket.
The area does not have a high turnover of property owners, with only 49 sales transactions recorded between December 2011 and November 2012. Only 12 of these were freehold homes, with sectional title sales accounting for 37 of the 49 property transactions.
The majority of sectional title and freehold sales (45 percent) occurred in the R800 000 to R1.5 million price bracket, although a large portion (33 percent) of freehold sales took place in the R1.5 million to R3 million price bracket.
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