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
    • 21 Sep 2017
      Cape Town’s Southern Suburbs’ superior housing market performance of recent years has been largely been due to ongoing interest from foreign buyers and high demand from semigrants who are strongly attracted to suburbs such as Upper Claremont that offer the best feeder locations to the area’s top schools and are close to first-class amenities such as Cavendish Square.
    • 21 Sep 2017
      Did you know that inefficient, badly fitting windows can heat up your house by a whopping 75% in summer – and account for a third of total heat loss during winter?
    • 21 Sep 2017
      The paperwork involved in the sale of a property is a potential minefield for both buyer and seller, and should not be tackled without the assistance of an experienced estate agent and a conveyancing attorney.
    • 20 Sep 2017
      There is a very specific buyer for Heritage homes - not your usual buyer looking for a modern, contemporary home, but someone who likes the look, feel and even the particular scent of an older home steeped in history and with a tangible sense of history and heritage. Much like a well-matured wine, in fact, says Pam Mullany, an agent for Pam Golding Properties.
    • 20 Sep 2017
      In spite of the increasingly subdued economy and slackening real estate market, the Rondebosch sectional title sector demonstrated its resilience when a 250m² three-bedroom apartment realised a record sale price of R6.2 million at the end of July, beating the previous 2014 high of R5.6m achieved in the same complex.
    • 20 Sep 2017
      Participate in a research project about consumers’ willingness to purchase real estate online, conducted by the University of Stellenbosch Business School, MyProperty and Entegral.
    • 20 Sep 2017
      Broker/Owner of RE/MAX Living in Cape Town’s City Bowl and Atlantic, Gerlinde Moser, is the definition of success. She the first real estate professional within Southern Africa to be awarded the Luminary of Distinction, the highest distinction of three career awards given by RE/MAX International. In fact, she is only one of two people outside of North America and Canada to receive the award.
    • 19 Sep 2017
      The requirements for renting a residential property have become more and more onerous on prospective tenants as landlords have become increasingly circumspect as to who they let their property out to
        
    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