select
|

RE/MAX Suburb Trend Report – Linton Grange, Port Elizabeth

Area history

The suburb of Linton Grange is situated in Port Elizabeth in the Easton Cape Province. Although it is regarded as one of the country’s largest cities today, Port Elizabeth was founded as a small town in 1820 when a party of approximately 4 000 British settlers arrived in the region. The British settlers were encouraged to move to the area by the government of the Cape Colony as their presence would strengthen the border between the Cape Colony and the Xhosa tribe.

The acting Governor of the Cape Colony at the time, Sir Rufane Shaw Donkin, founded the seaport town, naming it after his wife, Elizabeth. By 1861, Port Elizabeth was granted the status of an independent municipality and the region expanded into a diverse community with the area’s population growing particularly rapidly after the railway to Kimberley was built in 1873. Although much development has occurred in Port Elizabeth since the railway was built, many of its suburbs have managed to maintain their natural beauty.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that from 2004 to 2007 property prices in Linton Grange saw exponential growth with the average price of a freestanding home reaching R766 000 and the average price of a sectional title unit hitting a record high of R547 000. Prices dropped in 2008, with the price of a sectional title unit dropping again in 2009. While the price of a sectional title unit dropped, the price of a freestanding home recovered and showed growth, finishing off at around R774 000 that year. Goslett notes that from 2010 the price of a sectional title unit improved to around R432 000, where it has since stabilised. The average price of a freestanding home also remained fairly stable, climbing to R815 000 this year.

Property in the area consists of 84.19% freestanding homes, 15.06% sectional title units and just 0.75% estates. According to Goslett, between 2004 and 2008 sales transactions in Linton Grange were around 42 properties sold per year. However, this number dropped in 2009 to around 18. He notes that since 2010 sales have improved with 37 property transactions concluded last year.

Figures from Lightstone reveal that the largest percentage of recent sellers in the area is consumers aged 65 years old or older (41.03%). In contrast to this the majority of recent buyers are below 49 years old, with around 45.24% between 36 and 49 years old and 30.95% younger than 35 years old.

Property price trends





Demand for property

Goslett says that all the homes sold in Linton Grange between July 2012 and June 2013 were priced for R1.5 million or below. He notes that properties that fell within the R400 000 to R800 000 category represented 47.2% of the area’s sales, while properties between R800 000 and R1.5 million represented 38.9%. He notes that properties sold during this period for less than R400 000 represented 13.9% of the market.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 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.
    • 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.
        
    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