As the festive season begins, activity in the Jeffrey’s Bay property market is increasing.
Susan van Tonder, manager of the local Chas Everitt International franchise, says that property enquiries are picking up as sellers lower their prices and buyers seek out bargains.
Bordered on both sides by nature reserves and rivers, ‘J-Bay’, as it is affectionately known, has long been a popular holiday destination. And there is much to commend the area including bungee jumping, quad biking, sand and kite surfing, diving, sandboarding, horse riding and hiking as well as the surfing for which it is best known. Craft markets, coffee shops and golf courses abound and visitors flock to the famous annual surfing championship and shell festival.
But in recent years the town has also gained popularity as a permanent address and Van Tonder says cash buyers have made an appearance of late with many purchasing properties of R1,6m and even R2,6m. Sellers in general have trimmed their asking prices to make a sale, she says, and buyers are taking advantage.
Freehold homes priced between R600 000 and R1,2m are selling well, as are sectional title properties, although prices in this segment of the market vary greatly between R600 000 and R3m. On average, beachfront apartments are selling for around R1,8m, while golf course stands go for around R400 000.
New development is also robust, says Van Tonder, as evidenced by the large mixed-use development on Jeffrey’s periphery. Named The Fountains, this development covers over 40 000sqm and includes a large retail component of 120 stores as well as space for residential, office and industrial development.
The project has created more than 400 new permanent jobs and the benefits for the local economy have been palpable, she says. Vacant residential stands at The Fountains start at 427sqm and are selling from R328 000.
Meanwhile the retirement node in the development has piqued the interest of a number of buyers. It includes frail care facilities, heated swimming pool, a community centre and manicured gardens. A medical centre is also being built adjacent. Off-plan 30sqm bachelor flats here are already selling from R345 000.
ISSUED BY CHAS EVERITT
FOR MORE INFORMATION CALL
SUSAN VAN TONDER ON
042 293 2053 OR VISIT