Plett Property Holds Up in 2022
Category Property Sales in Plettenberg Bay
The Plettenberg Bay property market has shown its resilience in the past 12 months in the face of a number of challenges, the latest registration figures released by the Deeds Office have shown.
The market appears to have reached its peak in 2022. It showed a decline of just over 1% in 2022, with 931 transactions registered last year compared with 942 the previous year.
Last year (2022) saw many challenges confronting the property market including lower stock available to sell, higher interest rates, inflation and higher living costs - and the added burden of Eskom's debilitating load shedding.
"Under the circumstances, we appear to have held our own," said Helen Ward, Principal of Helen Melon Properties in Plettenberg Bay.
In total properties (931 properties) to the value of R2.85 Billion were registered with the Deeds Office in 2022. This compares with the R2.8 Billion for 2021 (942 properties). The difference shows there has been a definite upward movement in the prices of property in Plett in the last two years.
Ward says there is a link in increased property sales in Plett and the rest of the coastal areas of the Western Cape as a result of "semigration" and people seeking the lifestyle choice offered by owning a property in Plett.
Western Cape premier Alan Winde agreed in recent correspondence with ratepayers that Plett has received its fair share of "semigrants", which could also increase the burden of service delivery.
This trend can be seen from the Deeds Office figures which showed that in the price range from R2m to R10 there was an increase in the number of registrations of properties between 2021 and 2022.
The full breakdown of the brackets for 2022 are:
Another indicator for 2022 was the number of registrations of what are most likely stands, up to R1m, in Baron's View 34 properties sold, Schoongezicht 26 properties sold, Keurboomstrand 17 properties sold, Whale Rock 39 properties sold, and Bowtie 17 properties sold.
Other trends include:
*Higher prices and costs could have had an effect on the top brackets with registrations down in the R10m- R15m bracket by -4,5% and the above R15m bracket by -25%.
* Schoongezicht saw an increase by 50%, Barron's View saw an increase by 363% and The Hill saw an increase of 320%. All three estates have shown movement as the availability in other sought-after estate declines.
*Wittedrift showed an increase of 30% in registrations, but mostly in the entry-level segment
* There was also a 7% increase in farm registrations, totalling 71 for 2022, which can be attributed to life-style choices.
* There is a visible "building boom" in Plett with increased construction in many parts of the town.
Author: Helen Melon Properties