Demand boosts rentals in Strand, Gordon's Bay
News > news - 17 Oct 2008

Rental accommodation is in strong demand in Strand and nearby Gordon's Bay, with top properties attaining rentals of R9000 a month.

Karen Coetzee, co-owner of the local Homenet Two Oceans office, reports that demand has climbed steeply on the back of tougher economic conditions and that rentals now start at around R3000 a month for two-bedroom flats and average R5000 to R6000 a month for family homes.

At the same time, says agency manager Tasha Williams, there is still reasonable buying activity in the under-R1m price range.

"Areas with more affordable properties, such as Onverwacht and Southfork, are drawing upgraders from Kuilsrivier, Eersterivier and Mitchell's Plain. Most properties in these areas are in the R600 000 to R800 000 bracket and the local mosque and good shopping facilities are additional attractions for buyers."

"In Strand Central, flats are still available at prices of between R600 000 and R900 000. House prices range between R1m and R2m and there is demand for the older, character homes with their large rooms, wooden floors, and arches although such units are seldom offered for sale," she says.

Investors are targeting units in Strand's Broadlands, mainly with an eye to rent to migrants. Williams says prices for compact flats and townhouses in this area range between R350 000 and R500 000.

Meanwhile sales in the higher price categories are still ticking over, albeit at a slower pace. Williams points to a luxury unit in Gordon's Bay's Beach Road, which languished on the market for four years before being sold recently for R10m, a record for the area.

ISSUED BY HOMENET

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