Sales of stands in Plettenberg Bay jump in first quarter
Category Property Sales in Plettenberg Bay
The sales of vacant stands in Plettenberg Bay have shown significant growth in the first quarter of 2022, with some areas recording increased sales of between 200% and 1700%, according to the latest figures on property registrations released by the Deeds Office.
The change in the face of Plettenberg Bay's property market between January 1 and March 31, 2022 is a direct result of stock shortages of houses for sale and the affordability of properties. This has seen buyers moving into the lower-priced markets like Freehold stands and Sectional Title, purchasing what is available to get a foothold in the Plett property market.
While there was still activity in the market for houses the appetite for vacant stands has stimulated the market in Plett in ways not seen in recent years. The stellar percentage increases come off a low base in areas where previously there were little sales activity.
"The significance of this is that more working families are moving to Plett," says Helen Ward, Principal of Helen Melon Properties, one of Plett's well-respected main street property agents.
Where is the Buzz?
In the first quarter there were 80 Sectional Title property sales registered with the Deeds Office, as well as about 60 Freehold stand sales out of 252 total sales.
Top performer in stand sales in the first quarter was Barron's View which saw 18 stands sold between January 1 and March 31 this year - representing a 1 700% increase.
Other areas that saw brisk sales were Cutty Sark (216%), The Hill (300%), Robberg Ridge (300%) and Schoongezicht (100%).
Sales in Keurboomstrand doubled compared with the first quarter last year on relatively high activity, indicating the area offers affordability.
"We have seen a shift in attention to Freehold stands and Sectional Titles because there is such a shortage of stock in affordable and desirable areas." says Ward.
"It now appears that people are searching for affordability which stands and Sectional Titles offer to gain entry into the Plett property market," says Ward.
Although there has been a decrease in property sales in sort-after suburbs like Brackenridge, Poortjies and Lower Robberg, this is not attributed to lack of interest, but a direct result of stock shortages.
Sales at the Top
Plett saw a total value of R402,470 000 in property sales in the first quarter in the price range from R5m to R15m and above.
Five properties were sold in Brackenridge in the first quarter in the price range of R5,700 000 to R6,900 000
In total there were 18 property sales in various suburbs in the price range of R5Million to R7Million, amounting to R107,100 000.
There were five properties sold in the first quarter in the R7Million to R10Million range - in Whale Rock, Brackenridge, Sea Side Longships, Poortjies and Bitou non-urban, totalling R40,660 000.
In the R10Million-R15Million price bracket there were four properties sold totalling R40,300 000 in Keurboomstsrand, Bitou non-urban (farm), Sea-Side Longships and Cutty Sark.
Eight properties were sold above R15Million at a total of R208,400 000 Four were in Sea Side Longships, three in Bitou non-urban and one in Bowtie.
Author: Helen Ward
