Sedgefield on the Garden Route is seemingly impervious to the property market downturn.
Mario Ferreira, principal of the local Chas Everitt International franchise, says that properties in every category are moving well. He adds that while prices have remained essentially stable there has, in stark contrast to just about everywhere else, even been some price growth over the past six months.
Known for luxury
Known for its luxurious properties Sedgefield has long attracted affluent investors. The buyer mix consists of both local and foreign buyers and enquiries from overseas are on the increase. Ferreira says that a number of cash buyers have also made an appearance of late the majority of whom are buying properties in the R3.5-million to R4-million price bracket.
Also popular with buyers at this time are vacant plots in security villages that are priced from the low R300 000s on average. Fractional ownership properties are also being snapped up by those looking for their piece of the pie at prices around R300 000. Luxury beachfront properties priced at around R15-million are also attracting attention.
"Sedgefield has performed remarkably well in recent months and we are fielding an increasing number of enquiries from qualified and cash buyers alike," says Ferreira. "Buyers feel that Sedgefield is one of the most stable areas to invest in at present and they know they can expect good returns on property purchases here."
No new developments
Buy-to-let investors are jumping on the bandwagon in droves with many purchasing new properties in existing developments. According to Ferreira, this trend has gained a lot of momentum lately as proposed developments are increasingly being turned down due to environmental concerns and service bottlenecks.
Further bolstering Sedgefields appeal is the fact that it is a 'no-go' area for industrial development, a state of affairs which has maintained the areas village-like ambience.
Sedgefield is also home to the longest beach on the Garden Route as well as a number of small lakes and mountains. Knysna, Plettenberg Bay and George are all also within easy reach and the area is fully serviced.
Article from: www.iafrica.com