28 Jun 2013
The residential property market in East London is in recovery as activity increases to satisfy a strong pent-up demand.
This is according to Pam Golding Properties’ (PGP) local area principal, Hanlie Bassingthwaighte, who says the residential property market is buoyant with many buyers in the market, and show days well attended.
The demand for properties priced under R1 million is enormous, while properties over R2 million are moving steadily. Sellers are able to sell their properties, as buyers have done their research and will pay market related prices for houses.
Bassingthwaighte says there’s definitely been a shift in the market and they are finding that sellers are also better informed and, realising the true market value of their properties, do not have unrealistically high expectations.
“In turn, buyers understand that there is now not so much stock on the market. This has also had the effect of prompting those who had been sitting on the fence, waiting for the market to change, to accept current trading conditions and make buying or selling decisions.”
PGP East London has just sold two properties in Nahoon mouth - a four bedroom, four bathroom home in a gated estate, which fetched R5 million, and another four bedroom property which sold within a week of listing for R3.65 million.
Bassingthwaighte says many of their buyers are East Londoners scaling up and moving closer to schools or seeking larger homes. “We are seeing a number of black buyers relocating into the area from out of town, and continue to experience a demand from those from the Transkei and King Williams Town seeking to acquire second homes in East London.”
A positive factor impacting on their local property market is the commitment and continuing expansion of companies such as Daimler, which helps fuel the residential market, she says. At its state-of-the-art manufacturing plant in East London, the company manufactures the Mercedes-Benz C-Class model for the local and US markets and also produces Mercedes-Benz commercial vehicles and buses, FUSO trucks and Freightliner trucks, she explains. Many supply companies to Daimler are also situated in East London, further contributing to the local economy, says Bassingthwaighte.
“We still have good buying opportunities available on the market, including a house in Stirling with four bedrooms, three bathrooms and three lounges, and within walking distance of schools, set on a stand of over 1 400 square metres, which is priced at R2.55 million. For those seeking prime, waterfront property, a magnificent property in Igoda mouth is on the market for R19.5 million and another for R11 million.”
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