The suburb of Linton Grange is situated in Port Elizabeth in the Easton Cape Province offering buyers properties that are still affordably priced.
This three bedroom, two bathroom apartment is set in a quiet complex and has open plan living spaces and a fully fitted kitchen. The rooms are filled with natural light and have laminated flooring and the property has a single garage. It is on the market for R680 000 - click here to view.
Today, Port Elizabeth is regarded as one of the country’s largest cities but it started as a small town. Although there has been much development, many of its suburbs have managed to maintain their natural beauty.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says from 2004 to 2007 property prices in Linton Grange saw exponential growth with the average price of a freestanding home reaching R766 000 and the average price of a sectional title unit hitting a record high of R547 000. Prices dropped in 2008, with the price of a sectional title unit dropping again in 2009. While the price of a sectional title unit dropped, the price of a freestanding home recovered, finishing off at around R774 000 that year.
Goslett notes that from 2010 the price of a sectional title unit improved to around R432 000, where it has stabilised. The average price of a freestanding home also remained stable, climbing to R815 000 this year.
Property consists of 84.19 percent freestanding homes, 15.06 percent sectional title units and just 0.75 percent estates. According to Goslett, between 2004 and 2008 sales transactions in Linton Grange were around 42 properties sold per year. However, this number dropped in 2009 to around 18. He notes that since 2010 sales have improved with 37 property transactions concluded last year.
Figures from Lightstone reveal that the largest percentages of recent sellers are consumers aged 65 years old or older (41.03 percent). In contrast to this, the majority of recent buyers are below 49 years old, with around 45.24 percent between 36 and 49 years old and 30.95 percent younger than 35 years old.
Goslett says that all the homes sold in Linton Grange between July 2012 and June 2013 were priced at R1.5 million or below. He notes that properties that fell within the R400 000 to R800 000 category represented 47.2 percent of the area’s sales, while properties between R800 000 and R1.5 million represented 38.9 percent. He notes that properties sold during this period for less than R400 000 represented 13.9 percent of the market.
Print
