The residential property market in East London is in recovery as activity increases to satisfy a strong pent-up demand, reports Pam Golding Properties’ local area principal, Hanlie Bassingthwaighte. “The residential property market is buoyant,” she says, “with many buyers in the market and show days extremely well attended. The demand for properties priced under R1 million is enormous, while properties over R2 million are moving steadily. Serious sellers are able to sell their properties, as buyers have done their research and will pay market related prices for houses.
“There’s definitely been a shift in the market and we are finding that serious sellers are also better informed and, realising the true market value of their properties, do not have unrealistically high expectations. In turn, buyers understand that there is now not so much stock on the market. This has also had the effect of prompting those who had been sitting on the fence, waiting for the market to change, to accept current trading conditions and make buying or selling decisions,” says Bassingthwaighte.
PGP East London has just sold two properties in Nahoon mouth, a four bedroom, four bathroom home in a gated estate, which fetched R5 million, and another four bedroom property which sold within a week of listing for R3.65 million.
“Many of our buyers are East Londoners scaling up and moving closer to schools or seeking larger homes. We are seeing a number of black buyers relocating into the area from out of town, and continue to experience a demand from those from the Transkei and King Williams Town seeking to acquire second homes in East London. A positive factor impacting on our local property market is the commitment and continuing expansion of companies such as Daimler, which helps fuel the residential market. At its state-of-the-art manufacturing plant in East London, the company manufactures the Mercedes-Benz C-Class model for the local and US markets and also produces Mercedes-Benz commercial vehicles and buses, FUSO trucks and Freightliner trucks. Many supply companies to Daimler are also situated in East London, further contributing to the local economy.
“We still have very good buying opportunities available on the market, including a house in Stirling with four bedrooms, three bathrooms and three lounges and within walking distance of schools, set on a plot of over 1400 square metres and priced at R2.55 million. For those seeking prime, waterfront property, a magnificent property in Igoda mouth is on the market at R19.5 million while we are negotiating an offer on a R11 million river front property,” says Bassingthwaighte.
For further information contact Pam Golding Properties East London on 043 7054000 or email firstname.lastname@example.org.