Home sells for record price in Pinelands

RE/MAX Property Associates’ Pinelands Office, which services property buyers and sellers from east of the Cape Town City Bowl to Plumstead, has recently sold a home in Pinelands for R5.25 million – the highest price paid for any home in the sought-after suburb. 

Caron Leslie, Broker/Owner of RE/MAX Property Associates, says that this is a remarkable accomplishment and testament to the fact that the current market favours sellers.

According to Leslie, the previous record sale for Pinelands was R4.8 million in 2014. “It is amazing to think that in just one year the record has been beaten by nearly R500 000. It shows that the market is healthy and consumers are willing to pay premium prices for the homes that they want,” says Leslie.

The home that achieved the record price was exclusively marketed and sold by Marlett Cuyler, Sales Associate at RE/MAX Property Associates. She says that the property was built 10 years ago and offers its new owners 510m2 of luxury living. Some of the features include extra high ceilings, a double-volume entrance hall and internal vacuuming system. Other features include a designer kitchen, two large lounges with a bar, air-conditioning and underfloor heating.  “The main bedroom is fit for a king with its own amenity bar, gas fireplace and large sky-lighted walk in cupboard,” says Cuyler.

Data from Lightstone, a property statistics and information provider, reveals that the average price of a freehold home in Pinelands is around R2.6 million, while the average sectional title unit sells for approximately R700 000. Aside from a marginal dip in 2009, property prices in Pinelands have continued to see excellent year-on-year growth. “Prices in Pinelands have continued to perform well because the area continues to be sought-after. It is very popular among buyers as it is centrally located and boasts a number of easily accessible amenities, which include schools, churches, crèches, two small shopping centres, two railway stations and Old Mutual Pinelands sports complex and office park,” says Leslie.

Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that location is extremely important when it comes to growth in property prices. “The location of a property will have an impact on its potential for value growth over a period of time. Location is possibly the most important aspect in determining the price that can be achieved if the property is sold in the future, along with the possible income the property could generate by being rented out,” he explains.

Leslie says that a good location is where there is growth and development, or at least the potential for significant growth. “It is important that the area’s potential can support the demand for property over the long term and subsequently contribute to the increase in the value of the property over time,” adds Leslie, who notes that Pinelands is such a location.

She concludes by saying that property in Pinelands will continue to see excellent growth in the future and it will be exciting to see how much is achieved with the next record sale.

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