Summerstrand property sales show growth.
Residential sales in Summerstrand, arguably Port Elizabeth’s most sought-after beachside suburb, indicate phenomenal growth in 2014 compared with the previous year.
Ian Olivier, area principal: Pam Golding Properties Port Elizabeth, says the value of sales in the area increased by 33%, from R345,292,200 (233 units) in 2013 to R456,665,361 (261 units) last year.
Olivier attributes the rise in sales volumes in part to the multimillion-rand upgrade of the beachfront, “a key attraction for buyers wanting a coastal lifestyle within easy commuting distance of the city”.
Nikki Strooh, principal: Harcourts Beachfront, also notes an increase in the value of transfers over these two years in Summerstrand. “Looking at the number of properties sold in the area in 2013 and 2014, the growth appears to be 12%, with the most notable increase, 26%, occurring in sectional scheme sales (84 in 2013 versus 106 in 2014). The average price for sectional schemes has dropped slightly by 5% and the average price for a freehold property has increased by 14%.
The R1m to R1,2m range has grown the most – from 18 transfers in 2013 to 34 in 2014, or 47% growth. In the R3m and above price range, there has also been encouraging growth, from 6 sales in 2013 to 15 the following year
She says Summerstrand remains the most popular beachfront suburb due to its quality beaches, stunning sea views and excellent educational institutions, such as Summerwood Primary, Pearson High and the university. “There are well-known restaurants, the airport is nearby and, with easy access to the freeway, getting around is a breeze.”
Lisa Buckley, a resident agent at Remax Bay, says properties in “old Summerstrand”, between First and Seventh avenues, and along Brighton Drive, are the most popular.
“If there is a property priced between R2,1m and R3m it flies fast. In the other half of Summerstrand, along Strandfontein Road, you find the newer homes that are being marketed to students at the university. As the university continues to expand, so will the area and demand,” she says.
Well-known Summerstrand agent Mariette Rossouw, of Mariette Rossouw Real Estate, says: “In old Summerstrand you are looking for hen’s teeth if you want to find a free-standing house for less than R1,8m. Entry-level homes are mainly in the complexes, of which there are only three cluster-home complexes in the suburb – the rest being sectional title.”
Rossouw says entry level properties in Summerstrand are usually complexes with two-bedroom homes priced at about R1m, while the most popular accommodation will be a three-bedroom, two-bathroom townhouse from about R1,2m, up to the R2m mark for a newer, four-bedroom townhouse. “In a top-bracket townhouse complex it can even reach close to the R3m bracket,” she says.
This article originally appeared in Neighbourhood, Sunday Times.