|An affordable investment opportunity for those wanting to gain a foothold in the residential property market is being offered at the established Elm Park complex in the middle income area of Highland Hills in Pinetown, where eight existing units - all tenanted on short term leases - have become available for purchase on a sectional title basis, through Pam Golding Properties (PGP) Pinetown office. |
The two and three bedroom homes are priced at R435 000 and R495 000.
Marcus Forbes, area principal for PGP, anticipates a strong demand for these homes from first time buyers and also from investors.
"The demand for this type of unit far outstrips the supply. While prices in Pinetown extend to more than R8 000 per square metre, these units provide an affordable platform for those entering the market. Our last five sectional title sales were in regard to properties that had not been on our books for more than 24 hours, and these were sold before we could even advertise them," he says.
Capital appreciation in Pinetown is good with growth of over 20 percent per annum for the past two-and-a-half years," adds Forbes.
The units at Elm Park comprise either three bedrooms/ two bathrooms or two bedrooms/one bathroom, tiled lounge/dining room, open plan kitchen and sundeck off the lounge area, as well as a carport and guest parking. The complex is fully fenced, with electronic access, and also includes a store room - mainly used for garden equipment.
A brand new swimming pool has just been constructed, situated on the other side of a small stream which runs through the complex. The units have little wooden bridges to cross the stream, adding to the appeal of the outdoor environment. In addition, each unit has its own garden, and pets are allowed.
The complex is close to two primary schools - Sarnia Primary and Benjamin Pine Primary, with easy freeway access, and conveniently close to a shopping centre.