select
|

Onrus housing supply under pressure

A sharp increase in demand for residential units in Onrus near Hermanus is leading to shortages of homes for sale.
 
Deon Esterhuyse, owner of the local Aida estate agency, reports that sales started improving in September last year and that the trend has been sustained, making it increasingly difficult to source stock.
 
Retirees and people nearing retirement make up a large percentage of buyers, he says. “Buyers come from various parts of the country, with the majority from the Cape, Gauteng and the Free State, and they say they are attracted to the relatively safe environment of Onrus, as well as the relaxed atmosphere of a holiday destination.
 
“Another draw card is the way that the local municipality functions. Service delivery is excellent and residents have no cause for complaint on the whole.”
 
Esterhuyse says the Onrus property market also benefits from an overflow of buyers from Hermanus 5km away. “This whole stretch of coast is a preferred destination. However, local property offers more value for money when compared to property in nearby Hermanus.”
 
Demand for holiday homes has also increased since the last quarter of 2009 and Esterhuyse says holiday buyers mainly target the same price ranges as residential buyers. “This arguably accounts for stock shortages in the R1m to R1,5m price range, although residential buyers are also active in the price range up to R2,6m, while demand for holiday homes on the beachfront is climbing. Top properties in this category fetch prices of up to R5m.”
 
Esterhuyse adds that low interest rates probably stimulated the market. “Although our local economy is somewhat unique and not closely related to trends in the wider economy, many buyers from other parts of the country had been waiting to sell their own property elsewhere in order to buy homes here. This would indicate that property markets elsewhere are also showing signs of increased activity.”
 
Issued by Aida National Franchises


  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