Serious property buyers returning to Kenton-On-Sea

Kenton-on-Sea near Grahamstown is experiencing increased interest among serious buyers in the residential property market, particular in the middle sector, reports Michael Wilmot, Pam Golding Properties (PGP) area principal.

He says there is high interest in older, well-priced houses that are seen to offer good value, or are well-maintained and ready to simply move in.

“It is noteworthy that we are seeing leisure buyers returning to the market, including middle income small families and young buyers, and a younger generation of ‘retirees’. These buyers are mostly from Gauteng, the Eastern Cape and Bloemfontein, and generally seeking properties in the R1 million-R2.5 million price range. The trend towards growing interest from younger buyers includes parents who are sending their children to private schools in Grahamstown, coupled with those whose children are attending Rhodes University.”

“Home buyers are drawn to the more appealing and tranquil coastal lifestyle, and unspoilt environment which is ideal for young children,” he says. Wilmot says other buyers are retirees, leaving the cities for a change in pace and lifestyle, with some scaling down as their adult children have left the home, or those seeking a more secure environment. “This is also a well established and popular holiday destination, which is relatively crime free, and we have magnificent beaches including a Blue Flag beach at Kenton, he says.

“With R16 million in PGP sales turnover over the three month January to March (2012) trading period, we believe the renewed interest in the market reflects well on the affordability of this area, which is performing relatively well compared to other, similar coastal resorts. Leisure buyers do not want to purchase a holiday home that costs more than their primary residence, and we currently have well-priced stock in the above market segment as well as affordable, neat homes priced under R1 million and situated in Boknes and Cannon Rocks. There is also vacant land available, priced from R350 000 for plots ranging in size from 600 square metres," says Wilmot.
He adds that at the top end of the market and after a slow-down over the past two years, there is gradually returning interest in the price range mainly between R4 million and R6 million.

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