LGSIR Plett Property Newsletter November 2015
Plettenberg Bay Property November 2015
|Plett Property Review
2014 saw R750million worth of property sales in Plettenberg Bay and so far in 2015 R403million has registered to date. Overall, the market remained relatively constant over the past six years with around 220 and 350 units sold per annum. There was a ±7% increase in both total value of sales and average prices from 2013 to 2014. So far there has been a slight decline in average prices in 2015, but note that many more sales will register over the coming months, so the figures will change. This partially due to an uptake of vacant land and the lower end of the market seeing a recovery.
2014 followed the trend of a gradual recovery from a dip in 2011. Estate agents in Plett felt that 2015 had been a good year with lots of buyer interest in spite of the socio-political climate in South Africa. Plett is following the “semigration” trend of South Africans moving to the Western Cape, so demand is steady even though affordability is low.
The highest price achieved in residential sales in 2015 so far was for a large upmarket home on a double stand on Robberg Beach for R35,8million sold by Elbie Pama of Sotheby’s International Realty.
The average price for sectional title units is currently about R1,14million and for freehold property is currently around R2,44million (vacant land and houses are included, i.e. generally stands will be lower than this and upmarket houses higher). This was an overall decrease of 3% in average prices from 2014.
The entry level for houses is around R1,1million (off a high of R1,4million in 2007). The entry level for apartments is R450,000. Vacant land starts at about R199,000. There are cheaper options in areas surrounding Plett.
Over the past ten years, which includes the crash, average prices in Plettenberg Bay have grown annually roughly in line with inflation. Looking further back to 15 years, the annual growth increases to ±9% per annum.
The record price so far for residential property in Plett was R50 million for a luxury coastal estate in 2006, sold by Hein Pretorius, broker owner of Sotheby’s International Realty Plettenberg Bay.
Pretorius says: “2015 has been a good year for us. It is our second best year to date. Although there is still a lot of property on the market, stock levels are decreasing. We have seen an uptake in demand across the board. We expect moderate growth overall for 2016 in line with inflation. Summer season holiday rentals are almost full and we look forward to another bumper season.”
In Keurbooms five properties transferred in the town of Keurbooms in 2014 for an average of R4,186million, and one in 2015 so far for R8,5million. The Wittedrift market also strengthened as five properties transferred for R864,000 on average. Natures Valley appeared to remain fairly neutral, though average prices declined somewhat to R2,56million with nine properties transferred in Natures Valley in 2015 so far. [email us for full size graphs]
Property of the month:
4 Bedroom, 4 Bathroom Home with Sea and Lagoon Views
Stunning home offering views of the lagoon, sea and mountains. Situated in The Poortjies, close to the shopping centre and primary school. Ground floor level: lounge with fireplace, dining room, kitchen, patio, 2 bedrooms en-suite, guest toilet. Upstairs: 2 bedrooms en-suite, sitting room, balcony with views. Downstairs: 1 bedroom flat. Set in an enclosed garden with swimming pool. Double garage with internal access. A great family home.
Call Fiona at 082 415 3486
Offers on R6,500,000
Currently on the market:
5 Bed, 5 Bath Goose Valley Golf Course
Offers on R 6 500 000 incl. VAT
Perfect Family Home 3 Bed, 3 Bath
Offers on R 4 750 000
Riverfront Townhouse w/Staff Quarters
Offers on R 3 100 000
Breathtaking Views: 3 Bed, Guestroom
Offers on R 3 950 000
Upmarket 2 Bed, 2 Bath Apt w/Sea View
Offers on R 1 250 000
River Club Riverfront 3 Bedroom Home
Offers on R 3 750 000
Silver Streams Delight 4 Bed w/Mooring
Offers on R 6 600 000
2 Bed, 2 Bath in The Dunes Keurbooms
Offers on R 1 100 000
Keurbooms Beachfront Land w/Plans
Offers on R 4 500 000
|For more property visit: plettenbergbay.com|
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Quote for the day:
"Landlords grow rich in their sleep." ~ John Stuart Mill
- Carrie Maclean 082 566 1881 firstname.lastname@example.org
- Desre Reck 079 497 0008 email@example.com (Thulana Hill & Castleton)
- Elbie Pama 082 569 2588 firstname.lastname@example.org
- Fiona Thorpe 082 415 3486 email@example.com
- Paul Jordaan 082 876 0577 firstname.lastname@example.org
- Paul Verleye 073 282 9048 email@example.com (Storms River)
- Sue Harvey 083 306 7499 firstname.lastname@example.org
- Steve Neufeld 072 417 7731 email@example.com (manager principal, professional associated valuer, appraiser)
- Hein Pretorius 083 701 3159 firstname.lastname@example.org (owner broker, principal)