East London Buyers Vie for Good Value
Category News
East London buyers are keeping a sharp eye out for well-priced and spacious family homes as stock levels in the lower price ranges dwindle fast, says local Chas Everitt East London and King Williams Town franchisee, Clinton Krouse.
“The stock shortages in East London property seem to have spurred local buyers to act sooner rather than later and the really strong demand for homes priced at less than R1,1 million has boosted buyers' confidence that now is the time to buy,” he says.
“But East London buyers are very value-driven and large family homes in areas such as Cambridge, Sunnyridge and Haven Hills are finding particular favour among the younger buyers who are upgrading to accommodate growing families.”
Homes priced at up to R1,1 million in these areas typically offer three large bedrooms with the main bedroom en-suite, spacious living areas and a single or double garage. “These homes compare very well with those in other East London suburbs, but because they are further away from the city's top schools, prices are more favourable," says Krouse.
Meanwhile, a fair percentage of upgraders are moving from the sprawling Mdantsane township to the suburbs of East London as their families grow and their economic prospects improve and this, in turn, is opening up opportunities for first-time East London buyers, who can obtain bonds on basic homes at prices starting as low as R220 000, he says
“And there is very strong demand now for these starter units in Mdantsane, which are selling quickly whenever they come on to the market.”
Author: Barry Davies
