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
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 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.
        
    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