Port Elizabeth is not just one of the prettiest coastal towns with a lovely waterfront area, Blue Flag beaches and a warm ocean, but also offers attractive value, not just for holidaymakers, but also for home buyers.
Thriftwood estate offers a mix of semi-detached and freehold properties priced from just R602 000 for a two bedroom unit and R660 000 for a three bedroom unit. Freehold houses range from R736 000 for two bedrooms to R924 000 for three bedrooms.Pierre Germishuys, Seeff licensee for the area, says Port Elizabeth still offers some of the best value for home buyers compared to other metropolitan areas.
The latest Lightstone data shows that the median price of a sectional title property is just R647 000 and freehold homes are priced at an average of around R1.03 million.
The data also points to a steady market, with the property transactions for 2015 much on par with that of 2014. Activity for the last year to the end of June amount to some 4 481 registrations worth, just over R3.7 billion for the metro as a whole.
Germishuys says while prices have grown over the last few years, the growth has been sustainable.
He says the metro is home to a large middle-class sector and the market is sensitive to economic fluctuation, but as with any other urban area, the market just continues to tick over. Those who need to or want to, continue about their daily business of buying and selling and they expect business as usual for the remainder of this year, he says.
The Thirftwood security estate offers low maintenance facebrick homes with plenty of open space. Click here to view.Activity in the market is driven largely by a mix of younger, often first-time buyers who comprise over 30% of all activity, as well as families and older buyers under 50 who comprise a further almost 40% of activity.
Seeff agents, Bev Wood and Bernadette Whitaker, say over 70% of all property stock is still freehold, but demand for security estates is on the up, especially in the more affordable R500 000 to R1.2 million price range.
One of the most exciting developments for the metro is the new Baywest City development, which includes the recently completed shopping mall, new homes, parks, industrial space, parklands and more, set to rival Sandton and Century City when completed.
According to the agents, who are marketing an exciting new housing development, the Thirftwood security estate, this area is set to become one of the most sought-after neighbourhoods.
Thriftwood estate offers a mix of semi-detached and freehold properties priced from just R602 000 for a two bedroom unit and R660 000 for a three bedroom unit. Freehold houses range from R736 000 for two bedrooms to R924 000 for three bedrooms.
The agents say there is a choice of finishes and upgrades such as adding a garage for example, say the agents.
According to agent, Lynette Olivier, even at the top-end, R2.45 million will buy you a large home with six bedrooms and five bathrooms, upmarket finishes, a swimming pool and a seaside location in sought-after Bluewater Bay.
Germishuys says the rental market is also proving to be quite solid, with annual rental escalations in both Port Elizabeth and the Eastern Cape currently among the highest in the country.
Port Elizabeth is the heartland of the Eastern Cape and is known as the ‘friendly city’ for its warm and welcoming people. It forms part of the Nelson Mandela Metro, a name that the metro carries with honour.
Aside from good infrastructure and facilities, the city also has a top-class university.
For more information, email Vanessa Dicks.
