select
|

Blue Flags mean more property buyers along Port Elizabeth beachfront

The recent announcement that three Port Elizabeth beaches have now been awarded Blue Flag status has made beachfront property along this popular coastline even more desirable.


The Hobie, Humewood and Kings beaches in Port Elizabeth have all been awarded Blue Flag status by the Wildlife and Environment Society of SA, and the demand for beachfront property in the city is rising as a result.

That’s the word from Charlotte Vermaak, director of the Chas Everitt International franchise in Nelson Mandela Bay, who says: “We are very proud of the fact that the Kings, Humewood and Hobie beaches now all have the right to wave the Blue Flag, which means that visitors can be sure they meet the exacting standards of cleanliness, safety and environmental management that have been set by the Wildlife and Environment Society of SA (Wessa) for the 2015-16 season.

“We think it is only fitting that the main beaches in what is known as the Watersports Capital of SA have this status and have no doubt that it will boost interest in Port Elizabeth’s beachfront property.”

She says that although such property is in short supply, it is still available at extremely competitive prices compared to similarly-located properties in other SA coastal cities.

“Our cost of living is also lower than the other major centres, and we are experiencing an influx of new residents who are relocating from other SA provinces because Port Elizabeth offers a better quality of life.”

Indeed, says Vermaak, sales volumes would be higher at the moment were it not for the fact that the current demand for property is outstripping supply - not only along the beachfront but in most parts of the city. “The highest demand is in the R800 000 to R1,5m price bracket, putting the spotlight on areas like Lorraine, Sherwood, Charlo, Overbaakens and the Western suburbs.”



According to property data company Lightstone and deeds office data, she says, the current average sale prices across all areas of Port Elizabeth are R1,066m for freehold properties and R600 000 for sectional title units.

“And the lack of well-priced stock for sale is reflected in the fact that the number of transfers year-on-year has declined by 27% for freehold properties and 14% for sectional title properties.

However, Vermaak does not expect prices to rise as quickly as would usually be the case in the face of such supply constraints. “The average household income in Port Elizabeth ranges from R24 000 to around R37 000, which only qualifies buyers for bonds of between R772 000 and R1,19m, and many households here are also feeling the pinch of low economic growth.”

At the upper end of the market, she says, prices are currently averaging at about R2,5m and at the lower end about R300 000, with 37% of transfers taking place in the R400 000 to R800 000 price bracket and 32% taking place in the R800 000 to R1,5m price bracket.

Along the increasingly sought-after beachfront, prices are of course somewhat higher. In Summerstrand, for example, the average price of freehold properties is  R2,54m, while that for sectional title apartments is R806 000.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
        
    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