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East London's affordable holiday homes

08 Jan 2014

East London reportedly experienced an influx of holiday home buyers over the festive season but there are plenty of choice properties left for those still scouting for second homes in and around the city.

A one bedroom house in Chintsa West in East London is selling for R550 000. Click here to view.

According to Penny Niemand, owner of local estate agency Harcourts Advantage, there is ample stock of good quality properties, partly because the market for second homes has been subdued until recently.

Prices start at R600 000, which will buy a modest fisherman’s cottage on the outskirts of the city that is ideal for holidaymakers looking for solitude, she says.

Vacant stands are also readily available, at prices ranging between R300 000 and R900 000 for plots of between 700 and 1 200 square metres in popular areas such as Cintsa, Glen Eden and Sunrise on Sea.

Niemand says holiday home prices in Cintsa start at around R1 million for three bedroom units, some with a granny flat attached, while five bedroom executive holiday homes are priced from around R3 million.

This designer cluster home in the sought-after Bunker’s Hill area of East London is selling for R3.3 million. It has four bedrooms, four bathrooms, a designer kitchen, light and spacious living areas and a double garage. Click here to view.

She says the residential market in East London has picked up strongly lately leading to stock shortages in the lower price categories.

“Government employees upgrading to the suburbs are very active at the R1.2 million mark in areas such as Cambridge, Amalinda, Sunnyridge, Greenfields and Rosemount.”

Niemand points out that many of these buyers who upgrade are selling their homes in Mdantsane, Haven Hill and Braelyn, thus opening up opportunities for new entrants to the property market.

The fourth quarter of 2013 was also typified by renewed interest in residential properties in the R3 million to R5 million price range, Niemand says.

“Big company executives are definitely shopping for luxury properties in Beacon Bay, Vincent Gardens and Bunkers Hill – a development that augers well for the future performance of upmarket holiday homes if wealthy buyers from Gauteng and Bloemfontein follow suit and start returning to this market,” she adds.

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