Mossel Bay market looking up

Things are looking up for the property market in Mossel Bay on the Garden Route, with activity on the increase in all sectors.

That’s the news from Marlene Coertze, principal of the local Chas Everitt International franchise, who reckon the town is on track for a swift turnaround when the economy improves.

They say particularly brisk trade is occurring already in Dalmieda and KwaNonqaba where homes are selling for between R300 000 and R400 000. These areas are characterised by generously proportioned homes popular with local buyers who are financing their purchases through the sale of their original homes, with small bank loans or with cash.

Coertze says the suburb of Heiderand is also experiencing a lot of activity. A quaint, middle-income area, it offers homes priced from R600 000 to R1,2m and sales are picking up.

Local buyers and African investors dominate the buyer mix at present with a smattering of Johannesburg buyers also in evidence. Security estates are proving the most popular with the latter, who are cashing in on the more realistically priced properties now available in these nodes.

Further bolstering the Mossel Bay property market is a moratorium placed on new development due to water shortages. This is enabling the market to consolidate and should underpin the value of existing properties in the mid to long term, she adds.

“Meanwhile, the rental market is thriving. In fact, we’ve run out of rental stock; we have a waiting list of potential tenants and anything that becomes available is snapped up within days. The most popular units are those renting for between R2500pm and R4500pm.

“There’s also been a distinct shift in the commercial, agricultural and industrial market sectors here. Although buyers and deals are harder to come by in these sectors, the interest is there and sentiment is improving.

“Overall we’ve been lucky in that Mossel Bay has always been popular with both locals and foreigners. The area is picturesque and has a number of draw cards which will help our market turn around faster than others in SA”.

Article by: www.chaseveritt.com