East London experienced an influx of holiday-home buyers over the festive season but there are plenty of choice properties left for those still scouting for second homes in and around the city.
This is the news from Penny Niemand, owner of local estate agency Harcourts Advantage. "There is an ample stock of good quality properties, partly because the market for second homes here has been subdued until recently."
Prices start at a low R600 000, which will buy a modest fisherman's cottage on the outskirts of the city that is ideal for holidaymakers looking for solitude, she says.
Vacant stands are also readily available, at prices ranging between R300 000 and R900 000 for plots of between 700 and 1200sqm in popular areas such as Cintsa, Glen Eden and Sunrise on Sea.
Niemand says holiday home prices in Cintsa start at around R1m for comfortable three-bedroom units, some with a granny flat attached. Five-bedroom executive holiday homes are available at prices from around R3m.
Meanwhile, she notes, the permanent residential market in East London has picked up strongly lately, leading to stock shortages in the lower price categories. “Government employees upgrading to the suburbs are very active at the R1,2m mark in areas such as Cambridge, Amalinda, Sunnyridge, Greenfields and Rosemount.
“And many of these upgraders are selling their homes in Mdantsane, Haven Hill and Braelyn, opening up opportunities for new entrants to the property market.”
The fourth quarter of 2013 was also typified by renewed interest in residential properties in the R3m to R5m price range, Niemand says. "Executives of big corporates are definitely shopping for luxury properties in Beacon Bay, Vincent Gardens and Bunkers Hill.
“This is a most welcome development and augers well for the future performance of upmarket holiday homes if wealthy buyers from Gauteng and Bloemfontein follow suit and start returning to our market.”
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