select
|

15% uptick in Plettenberg property market

The Plettenberg Bay property market has picked up by about 15% in terms of unit sales volumes, with over 300 properties selling during the past year, compared to around 260 in 2011, says Seeff Principal, Kevin Engelsman.

We have more than doubled our sales volumes in the past year, selling 88 properties to the value of well over R170 million compared to 42 unit sales in the previous year. While the majority of sales in the town are still in the sub-R4 million price band, it was encouraging to note that holiday home buyers are back in force with a few high value properties selling for between R15,5 million and over R23 million, mostly to Joburg buyers. This is something that we have not seen much of in the last three years, he adds.

Engelsman also says that many of the holiday properties that have sold over the past year have been older homes that buyers are looking to renovate. Those with sea views or near the beach especially, have attracted significant interest over the past year.

There has also been renewed interest in investing in vacant plots with about 20% of all sales over the past year being vacant land. Many buyers are planning to build their dream holiday homes here in the near future, he says. The Whale Rock development plots that range in size from 1,021sqm to 1,600sqm that were released at discounted rates of up to 65% towards December, sold out within 5 weeks, he adds. Seeff alone sold 24 of the available 33 stands at prices that ranged from R162,500 to R330,000.

Following a period of high price expectation on the part of sellers, he says, that last year saw serious sellers becoming more amenable to pricing in line with market demands and this encouraged higher transaction volumes. We anticipate that holiday and investor buyers from the Johannesburg area, the Cape and other inland provinces will continue to look for good value this year and we can confirm that this year already seem to be off to a good start with our agents concluding more deals over the December and January period compared to the previous year.

House prices though are still trading at relatively flat levels. It remains a buyers' market and, especially in view of the lacklustre economic growth forecasted for 2013, those who hope to sell will need to continue to price conservatively, but buyers really do have a pick of excellent buys here now.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    • 20 Jun 2018
      The average size of bond granted in SA has grown 7,7% in the past 12 months to R934 000, according to BetterBond, the country’s biggest bond originator.
    • 19 Jun 2018
      In the current market, letting out a property can be a good option as rental demand remains strong, especially in the northern suburbs of Johannesburg. This is according to Chris Renecle, MD of Renprop. However he says that before homeowners let their property out, there are five key points they should make sure are covered before they market the property for rent and sign any lease agreements.
        
    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