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Port Alfred's sales pick up

11 Feb 2009
Port Alfred and its smaller neighbour Kleinemonde have reported good end of year property sales after low interest levels in October and November.

Warwick Heny, broker/owner of RE/MAX Kowie, reports eight residential sales in December and January with four being recorded in Port Alfred and four in Kleinemonde, some 10 km to the eastern side of Port Alfred.

Selling prices ranged from R250k for a small house in one of the lower priced suburbs to R1,5m for a three-bedroom single dwelling. Seven of the transactions, which all involved second-hand properties, were under R1m with two of the buyers from overseas.

All of Kleinemonde purchases were holiday home-driven.

The activity, which Heny likens to a "normal" market and almost in line with the boom periods of some four years ago, follows muted interest in the region in the second half of the year.

In keeping with populist industry views of improved activity levels elsewhere in the country, Heny also ascribes the improvement to December's interest rate cut and general market expectations of more to follow.

He is hopeful of the town sustaining the improvement underpinned from the recent opening of a 90-bed hospital, a new shopping centre and the town's rising popularity as a regional conference centre destination. The added infrastructure is expected to further enhance Port Alfred's already highly rated retirement appeal, especially among Gauteng retirees.

So far, according to Heny, developers have shown little interest in starting new projects.

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