select
|

East London house prices top R9 million mark

Record house prices are being achieved for homes sold by Pam Golding Properties in East London in the Eastern Cape, with three of their last four high end sales transactions considerably exceeding the previous record price of R7.8 million for the area.


This six-bedroom home on Nahoon River in East London was sold for Pam Golding Properties for R8.45 million, which is one of the highest house prices achieved in East London.
 
“During the year (2014) to date, we have sold four top end properties over the R6 million mark, fetching prices of R9.2 million, R8.45 million, R8.2 million and R6.4 million. Three of these are significantly higher than the previous highest price for the area, which was a home in Edgewater Estate which Pam Golding Properties also sold, in 2010,” says Hanlie Bassingthwaighte, Pam Golding Properties area principal in East London.
 
“The four top end properties are situated on the Nahoon River and interestingly, the buyers are all successful entrepreneurs – two of whom have relocated from Gauteng. There is keen interest in high end properties, with Nahoon and Nahoon Mouth still the preferred location in East London because of the proximity to the beach and the city.”
 
She says the residential property market in East London is buoyant across all price ranges, with Beacon Bay and Gonubie currently experiencing the most activity. “This year we have experienced heightened interest in the residential property market, with show days very busy and even up to 20 families visiting stock which becomes available, and we have certainly concluded more deals this year than last year.”
 
During the 12 months since 1 November 2013, 152 properties changed hands in Beacon Bay at a total value of R181 million. Of these, 22 percent sold for over R2 million, with the highest price just under R4 million; 53.5 percent achieved prices between R1 million and R2 million, while 23 percent sold for less than R1 million.
 
Statistics for transferred properties were similar in Gonubie, where a total of 214 homes sold during this period at a total value of R230 million. Ten percent of these sold for over R2 million each – with a top price of R5.2 million; 63 percent sold between R1 million and R2 million, and 25 percent fetched prices under R1 million.


 
Adds Bassingthwaighte: “Stock shortages are evident across the board, but particularly in the price band below R2 million. Sellers are also more realistic about the values of their properties and well priced homes can be sold in a very short time. For example a property in Avalon Road in Beacon Bay sold within two days of listing, at R2.8 million - the highest price ever achieved in the street.
 
“However, although there is a stock shortage, some buyers are inhibited by bank valuations and their own affordability. First time buyers enjoy an advantage as qualified buyers are able to attract 100 percent bonds from the banks, whereas the self-employed are still at a disadvantage, having to prove longstanding credibility and produce larger deposits. We’re also seeing an increase in the developments market, with developers showing renewed interest in the market.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK