Sothebys International Realty

Plettenberg Bay Property May 2014

Plett Property Market Review 2014-05-06

2013 saw R543million worth of property sales in Plettenberg Bay registered to date. Overall, the market remained relatively constant over the past six years with between 220 and 300 units sold per annum. Average selling prices are currently similar to those of in 2008 which had the highest average prices to date.
                2012 saw a recovery from a dip in 2011. 2013 did not fare quite as well as 2012, but it was still a substantial improvement over 2011. Estate agents in Plett are generally positive about the current state of the market and expect 2014 to be a good year.
                The highest price achieved so far in 2014 is R27million for a beachfront property on Beachy Head Drive. In 2013 it was R45million for a larger residential estate further up Robberg Beach.
                The average price for sectional title units is currently about R1,25million and for freehold property is currently around R2,39million (vacant land and houses are included, i.e. generally stands will be lower than this and upmarket houses higher). 
                The entry level for houses is around R1million (off a high of R1, 4million in 2007). The entry level for apartments is R400, 000 (bachelor). Vacant land starts at about R199,000. There are cheaper options in areas surrounding Plett.
                 The record price so far for residential property was R50 million for a luxury coastal estate in 2006, sold by Hein Pretorius, broker owner of Sotheby’s International Realty Plettenberg Bay.
Over the past ten years average prices in Plettenberg Bay have grown annually at an average of approximately 6%, or roughly in line with inflation. Looking further back to 15 years, the annual growth jumps to 15.6% per annum. It is currently a buyer’s market.
                Pretorius says: “The market is currently consolidating with prices stabilising and stock levels reducing somewhat in certain segments, particularly the upper end of the market, where choice is diminishing and values are increasing. We expect moderate growth for 2014 in line with inflation. What is of interest is that the number of units sold is still relatively low (266 units) compared to the early 2000’s (±790 units) but the turnover for Plett is still relatively high (R543million), which highlights the financial disparity in South Africa which is amongst highest in the world. This statement is supported by stock shortages at the upper end of the market and an oversupply at the lower end.”
                Three properties transferred in the town of Keurbooms in 2013 for an average of R3,35million. Five properties transferred in Natures Valley for an average of R2,57million. In Wittedrift five properties transferred for R607,000 on average.
For the full article, with clear graphs, email info@plettenbergbay.com
 









 











 
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Property of the month:



 
 
Sunny 4 Bedroom Natures Valley Home The absolutely fabulous Cape Cod / Nantucket style house in Natures Valley is for sale to one lucky family who wants to spend storybook holidays in paradise – and that is no exaggeration! The house offers 4 generous bedrooms, 3 with en-suite bathrooms and one bedroom with a wash basin, toilet and al fresco shower. There are two spacious living rooms, one serving as a TV room. Both living rooms have fire places to keep the house cosy in winter and ceiling fans to keep you cool in summer. Every room is infused with light and flows easily onto outside decks, patios, balconies and courtyards. The garden is beautifully laid out, complete with a pond. A separate laundry and outside store room ensures that the house is not cluttered. Call Elbie at 082 569 2588. Offers on R5,500,000

  

Currently on the market:

Perfect 5 Bedroom Poortjies Home
Offers on R 5 370 000

Immaculate 3 Bedrm, 2 Bathrm Home  
Offers on R 2 650 000

4 Bed Home with Sweeping Sea Views
Offers from R 2,9mil (Asking R3,2mil)

Spacious 5 Bedrm Sea View Apartment
Offers on R 7 900 000

4 Bed Family Home with Excellent Views
Offers on R 3 750 000

Walk to the Beach; 2 Bedrm Apartment
Offers on R 925 000

3 Bedroom Sea View Home w/2 Flats
Offers on R 3 900 000

Furnished 4 Bed, 3 Bath Lock Up & Go
Offers on R 2 300 000

Picture Perfect 4 Bed Home w/Cottage
Offers on R 5 900 000
For more property visit: plettenbergbay.com

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