Turnaround in East London’s residential property market

The residential property market in East London is in recovery as activity increases to satisfy a strong pent-up demand, reports Pam Golding Properties’ local area principal, Hanlie Bassingthwaighte. 

“The residential property market is buoyant,” she says, “with many buyers in the market and show days extremely well attended. The demand for properties priced under R1 million is enormous, while properties over R2 million are moving steadily. Serious sellers are able to sell their properties, as buyers have done their research and will pay market related prices for houses.

Priced at R2.55 million, this generously proportioned four bedroom, three bathroom home in Stirling, East London, is within walking distance of schools. Set on a level plot of over 1400 square metres, it includes three lounges, entertainment areas and a playground with jungle gyms, swings, trampoline and childen’s race track.

“There’s definitely been a shift in the market and we are finding that serious sellers are also better informed and, realising the true market value of their properties, do not have unrealistically high expectations. In turn, buyers understand that there is now not so much stock on the market. This has also had the effect of prompting those who had been sitting on the fence, waiting for the market to change, to accept current trading conditions and make buying or selling decisions,” says Bassingthwaighte.

PGP East London has just sold two properties in Nahoon mouth, a four bedroom, four bathroom home in a gated estate, which fetched R5 million, and another four bedroom property which sold within a week of listing for R3.65 million.

Located in the suburb of Abbotsford in East London, this exceptional modern seven bedroom, four bathroom home has every conceivable luxury with no expense spared, with spacious lounges and entertainment areas leading to a rim-flow pool and sprawling lawn leading to the Nahoon River, with its boating and water sports activities. This magnificent home is priced at R10.95 million through Pam Golding Properties East London.

“Many of our buyers are East Londoners scaling up and moving closer to schools or seeking larger homes. We are seeing a number of black buyers relocating into the area from out of town, and continue to experience a demand from those from the Transkei and King Williams Town seeking to acquire second homes in East London. A positive factor impacting on our local property market is the commitment and continuing expansion of companies such as Daimler, which helps fuel the residential market. At its state-of-the-art manufacturing plant in East London, the company manufactures the Mercedes-Benz C-Class model for the local and US markets and also produces Mercedes-Benz commercial vehicles and buses, FUSO trucks and Freightliner trucks. Many supply companies to Daimler are also situated in East London, further contributing to the local economy.

This four bedroom four bathroom home in a gated estate in Nahoon mouth, East London, was recently sold by Pam Golding Properties for R5 million.

“We still have very good buying opportunities available on the market, including a house in Stirling with four bedrooms, three bathrooms and three lounges and within walking distance of schools, set on a plot of over 1400 square metres and priced at R2.55 million. For those seeking prime, waterfront property, a magnificent property in Igoda mouth is on the market at R19.5 million while we are negotiating an offer on a R11 million river front property,” says Bassingthwaighte.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 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.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us