Market Report: East London
Category SA Property Market
The property market in East London has just about everything a first-time buyer could wish for – affordability, lifestyle amenities in abundance and many new developments to choose from.
And, says Clinton Krouse, owner of the Chas Everitt International franchise in East London, that fact has been very clearly reflected in a steady volume of sales over the past 12 months, even though the fortunes of the local market are still largely tied to those of the manufacturing sector, which experienced a slowdown in 2015.
“Affordability is a big draw card for East London, even though people here don’t usually earn as much as in bigger cities. The latest Absa Housing review shows, for example, that even though the average house price here rose by more than 24% last year, it is still only the second highest among SA’s major metros at R1,38m - with Port Elizabeth being the lowest at R1,04m.
“This city also enjoys a laid-back, seaside lifestyle and we find that many people who were born and raised here but left to work in other cities are actually now returning in search of a less hectic schedule. These buyers generally opt for suburbs like Beacon Bay, Gonubie, Dorchester Heights and Nahoon Valley Park, all of which offer very good value-for-money homes and a wholesome environment in which to raise children.”
Of course the city is also home to several of SA’s most highly-rated schools, and boasts many great shopping, entertainment and sports venues, as well as both river and beach “playgrounds”.
But even more important, Krouse says, is the fact that the local economy is becoming more complex and starting to offer a more diverse range of job and business opportunities.
Meanwhile, the property market, like that of many SA cities, is also being boosted by rapid urbanisation and by a strong upgrading trend, and there are many new developments under way.
“We are currently marketing a new development in Greenfields, for example, that offers three-bedroom, two-bathroom townhouses of various sizes at prices from around R850 000, while other new projects now on offer in and around the city include Gonubie Palms, Calypso Gardens, Umlele Heights, The Village in Kidds Beach, Cypraea Sands Estate and Balugha Estates.”
Issued by Chas Everitt International
For more information, contact
Clinton Krouse 083 797 1719
Or visit www.chaseveritt.co.za
Author: Barry Davies