Boom! Property prices in THESE SA towns continue to rise
If you are looking to invest in a coastal property, look no further than these towns. The property market just keeps growing.
Yikes! According to BusinessTech, the coastal property market in the Western Cape has seen double-digit growth. And it only continues to grow.
THE REAL ESTATE MARKET IN THESE COASTAL TOWNS ARE BOOMING
The South African economy might be in trouble, but the property market in these Western Cape coastal towns is growing rapidly.
Steven Neufeld, Manager Principal of Lew Geffen Sotheby’s International Realty Plettenberg Bay, told BusinessTech the average house price increased by 31% in 2021 from R2.48 million to R3.92 million. And although prices only increased by 9% to R3.92 million in 2022, it increased again last year by 26% to R4.84 million.
“Plettenberg Bay normally follows behind the Gauteng property market by about six months, but in this property cycle Plett bucked the trend due to the big post-Covid-lockdown semigration and continued to climb during Gauteng’s downturn,” Neufeld said.
He explained that as the amount of available property decreased, prices increased. But, as the market slowed down during the second half of 2023, stock levels started to recover.
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“These days, it is difficult to find full title homes below R3.5 million with sectional title unit prices starting at R1.3 million. Vacant land starts at about R550,000 in gated estates and R800,000 in open areas,” he tells Estate Living.
According to the publication, Knysna saw median house prices increase by 47.6% in 2022 to R3.1 million and again by 12.9% to R3.5 million. The previous record median price was in 2017, when it reached R1.7 million.
Hermanus’ median house price spiked by 51.4% in 2022, increasing from R1.75 million to R2.65 million, Estate Living reports. The previous record-high median price was R1.95m in 2020.
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SEE WHAT PROPERTIES ARE AVAILABLE
Here’s a look at some of the properties available in Plettenberg Bay, Hermanus, and Knysna.
PLETTENBERG BAY
According to Pam Golding, this three-bedroom property for sale in Schoongezicht is the house of your dreams. And it will only cost you R4.45 million.
The newly built property boasts a spacious open-plan lounge, dining, and kitchen area perfect for entertaining. The scullery houses the six kVA inverter, ensuring uninterrupted power supply.
The home has three bedrooms, with the main bedroom opening to a private outdoor retreat and en-suite bathroom, per the realtor’s website. The lounge area features a wood-burning fireplace and ample space for seating arrangements. The area also opens up to a covered braai area.
The property also has a lap pool with breathtaking views of the estate and valley.
HERMANUS
Are you looking for a property in Hermanus? This beautiful two-bedroom house in Sandbaai is on the market for only R2.25 million.
Situated in a secure estate, the house features an open-plan dining area that opens up to the back patio. This gives the home stunning indoor-outdoor flow. The kitchen is open plan to the living room and also offers an exit to the covered patio.
The main bedroom has an en suite bathroom. The guest bathroom offers a full bathroom fully equipped with a bathtub, shower basin, and toilet.
As an added bonus, the property is only a short distance from the Curro school and the entrance to the Hemel-en-Aarde valley. The estate is only a brief drive from the holiday hub of Hermanus as well as the picturesque coves and paths of Sandbaai beach, RE/MAX reports.
KNYSNA
If Knysna is more your speed, this three-bedroom property in Green Pastures is currently on the market for R3.25 million.
As per Lew Geffen Sotheby’s International Realty, the contemporary-designed home boasts a minimalist facade and clean lines. The house boasts a spacious open-concept living area, three bedrooms, and a luxurious private outdoor shower oasis, perfect for summer relaxation.
The main bathroom has imported fittings, enhancing the home’s unique style. According to the realtor’s website, every detail in this architecturally designed home reflects a blend of high-quality finishes, comfort, and artistic flair, resulting in an exceptional and captivating living environment.
Situated in Green Pastures, a tranquil and family-friendly neighbourhood, this home is just a 5-minute drive from the town center, offering both convenience and serenity in a beautifully crafted space.
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