Sales up in St Francis Bay Property Market
Category SA Property Market
Like the rest of the Eastern Cape, the St Francis Bay area is enjoying a resurgence of its property market, with both demand and sales having been on the increase since the start of 2014.
So says local Chas Everitt International franchise owner Brendon Lahana, whose team of estate agents has sold 13 properties in St Francis in the past five months, for a total value of R32m. Nine of these were waterfront properties on the Canals and Kromme River.
“Traditionally a holiday town where most properties were second homes, St Francis is now attracting an increasing number of permanent residents, including retirees, as well as investors who foresee good capital growth in coastal property over the next few years – and good rental demand in the meanwhile due to the infrastructure development projects currently taking place in this area,” he says.
And the town is getting “younger” as a result. According to property data company Lightstone, while 36,5% of recent property sellers in St Francis were under the age of 50, the percentage of below-50 buyers was 49,5%.
“Such buyers have noted that after a few years in the doldrums, property prices here have slowly started to shift back towards their pre-recession highs, and they are moving quickly to ensure that they will catch the next upturn.”
The Lightstone data also show that the average price paid for sectional title properties in St Francis in the past 12 months is R881 000, and that for freehold properties R1,23m – although there have been at least 22 homes sold for more than R1,5m – and four for more than R3m.
Meanwhile, Lahana says, the holiday letting market has also been extremely busy in the past few months with many enquiries already for the end of the year holiday season. “And our stock of canal homes has dwindled due to the many sales that have taken place and new St Francis Bay property owners not wanting to rent their homes out, so we are currently urgently looking for more homes to let”.
Author: Barry Davies