select
|

Grahamstown High Court decision a boon for local property

Homeowners and property investors in Grahamstown have widely welcomed the recent official decision that the seat of the Eastern Cape High Court will remain in the town.


4 Bedroom House for sale in Grahamstown
 
A strong legal fraternity, including Lower and High Court officials, attorneys in private practice and an office of the Legal Aid Board, represents a major component of the local real estate market, according to Aidan Sparrow, co-owner of the local RealNet franchise, and many property owners were concerned that moving the High Court would result in a sudden flood of properties for sale that would drive values down.
 
"The official announcement that the seat of the Court will remain in Grahamstown instead of moving to Bhishohas thus been enthusiastically welcomed by these owners as well as many others in the wider community that have been campaigning for this decision.”
 
Traditionally, Grahamstown has enjoyed a resilient property market thanks to educational institutions such as Rhodes University and several top schools, various local institutes and the nearby army base, in addition to the strong legal fraternity.
 
And now prices are expected to maintain a steady upward curve, says Sparrow, especially as there is very little new development going on in either the sectional title or freehold sectors. "It is still much cheaper to buy existing homes than to build from scratch," he says.
 
The existing sectional title market, mainly geared to student accommodation, usually picks up momentum in the last quarter of the year when parents whose children complete their studies start marketing their units. However, Sparrow says that enquiries for available units are starting to trickle in much earlier than usual and he expects a long waiting list by the time current owners start to market their units.
 
Prices for sectional titles suitable for students currently start at around R800 000. Units at this price level are usually compact 60sqm flats with two bedrooms in secure estates. Larger sectional titles of around 120sqm with three bedrooms and a garage sell at around R1,2m.
 
Family buyers currently prefer older homes outside security estates. "Their preference is mainly value-driven since older properties typically offer spacious rooms and large gardens at prices from about R1,15m in the lower ranges to about R1,7m for homes in desirable areas. Many older properties offer period homes that reflect the town's rich history, which allows a genteel, yet comfortable, lifestyle," Sparrow says.

Find properties for sale in Grahamstown


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 18 Aug 2017
      We all know that home renovations can be a pricey affair, but they are necessary to maintain and improve the value of your home.
    • 18 Aug 2017
      If you’re battling to get onto the housing ladder, applying for a home loan together with someone else can improve your chances. You do however need to be aware of the pros and cons.
    • 18 Aug 2017
      The passing of a loved one is a difficult time, and dealing with the intricacies of inheritance while grieving is not always easy. When it comes to an inherited property, however, understanding your options and obligations can make the process much simpler for everyone involved. Bill Rawson, Chairman of the Rawson Property Group, shares his step-by-step guide
    • 17 Aug 2017
      Today, energy conservation has become more important than ever for many homeowners. But property re-sale value is always a concern when major adjustments are made to homes, all in the name of the environment.
    • 17 Aug 2017
      For the seventh year running Melbourne has been named the world’s most “liveable” city. With Johannesburg and Pretoria being the only two South African cities to rank within the first 100.
    • 17 Aug 2017
      You find a home that seems to have everything you have been looking for, from the right number of bedrooms to the type of kitchen countertops, but how do you know that it is really the one?
    • 17 Aug 2017
      Ideally situated in Cape Town’s hugely popular Northern Suburbs, the adjacent suburbs of Plattekloof and Panorama share more than alliteration.
    • 17 Aug 2017
      Let’s face it, the last thing most people want to do when selling their home is hand over a piece of the profit to their real estate agent. A lot of prospective sellers ask themselves if it’s really worth using an agent at all – how hard can it be to sell a home with all the advice and tools available on the internet?
        
    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