Returning Perth packers pick Onrus
Professionals who packed their bags for Perth years ago are re-investing in South African property – notably in Onrus in the Western Cape.

Deon Esterhuyse of the local Aida office reports that expats living in Australia started making an appearance in the market three months ago. “They are mostly buying holiday homes that serve a dual purpose. Many are settling retired parents here and plan to join them for annual holidays,” he says.

South African buyers have also been more active in the market since the beginning of October, he adds. “Retirees and other classes of buyers with cash are looking for bargains and it would seem that the sudden flurry of activity is partly due to pent-up demand because of the inclement weather we experienced until the start of summer.

“Another factor that seems to influence investors is the turmoil on financial markets. In the current climate they view property as a safe haven. This is especially the case in Onrus – in 12 years we have only once sold a property at a price lower than the original purchase price and that was because the seller was under severe pressure to sell quickly.”

Properties in the price range of between R900 000 and R2,2m are popular and even homes at the top end of the market are attracting attention. “We have just sold a property of R5m to a local buyer,” he says.

Property at the cheaper end of the market is also moving well. Esterhuyse says a small wooden cottage three blocks from the beach sold within a day recently at R750 000.

Units in new developments are also attracting buyers. Ten of the available 18 units in the new Heron Close development, where prices range between R1,4m and R1,7m have been sold.

Article by: www.aida.co.za