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Cape Town is not the only coastal market that is holding up against interest rate hikes.
Seeff Property Group said that demand for coastal property continues unabated, and the group has recorded that, in certain instances – markets are more well off than prior to the pandemic.
The group listed the following areas as those that have experienced positive market behaviour:
Hout Bay/Llandudno
Over 2022, Hout Bay, according to the area manager Stephan Cross had held up well amid rising interest rates.
Hout Bay ended with 457 transactions worth over R1.3 billion, another record year, said the property group.
The average transaction price also increased to R4.4 million (from R3,518,090 in 2021), largely due to more sales at the higher price bands.
“Llandudno ended with a record of 18 transactions worth over R478 million compared to 8 sales worth R143 million in 2021. It also achieved a significant number of sales above R20 million.”
Here is an example of two homes at the average transaction price:
4 Bedroom House for sale in Northshore – R4,495,000
3 Bedroom House for Sale in Kronenzicht – R4,350,000
Plettenberg Bay
Although expectations were for Plettenberg Bay’s market to ease over the second half of 2022 – the opposite was true, with 800 transactions reaching R2.3 billion.
Alet Ollemans, the licensee for Seeff Plettenberg Bay, said that while the number of transactions was slightly down compared to the record year of 2021, the overall value ended very much on par.
“The average transaction price for Plettenberg Bay is now around R2.6 million, about 4% higher compared to 2021 and about 30% up on the 2019 year.”
“The higher transaction value is due largely to higher value transactions, especially in the R3 million to R10 million range taking place as buyers are more confident about investing in Plettenberg Bay,” said Ollemans.
Here is an example of two homes at the average transaction price:
3 Bedroom House for Sale in Wittedrift – R2,575,000
3 Bedroom House for Sale in Keurboomstrand – R2,645,000
Mossel Bay
Herman Spies, the sales team leader for Seeff Mossel Bay, says the Mossel Bay market was moving faster and with less stock, and sellers were calling the shots towards the end of last year.
Semigration, retirement, and holiday home buyers continue to flock to the town for the excellent lifestyle and value on offer, said the team leader.
The average price for full-title residential property is around R2.8 million.
According to Spies, vacant land in the area is undersupplied, and prices have doubled over the past 12 months.
Here is an example of two homes at the average transaction price:
3 Bedroom House for Sale in Heiderand – R2,800,000
3 Bedroom House for Sale in Island View – R2,750,000
Gqeberha (Nelson Mandela Bay, Eastern Cape)
Gqeberha provides an alternative to traditional coastal towns with lower price points, says Alan Phillips, the regional manager for Seeff Eastern Cape and the Garden Route.
He said while the market was slightly slower in 2022 compared to 2021 (which was the best in 10 years), it was still very active and competitive.
“There is still a shortage of stock which presents great opportunities for sellers. It is not a particularly noteworthy market for semigration but very active in terms of locals, especially first-time buyers,” he added.
“Great areas for buyers include Walmer, with an average house price of R2.7 million, Summerstrand, with an average price of R2.55 million, and Lorraine, with an average transaction price of around R1.4 million.”
Here is an example of two homes at the average transaction price:
3 Bedroom House for Sale in Kamma Heights – R2,750,000
3 Bedroom House for Sale in Charlo – R2,699,999
Read: Alarm bells for property owners in South Africa
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