The Western Cape town of Mossel Bay was recently named ‘best-run municipality in South Africa’ by Good Governance Africa (GCA), placing the spotlight on what the town has to offer those looking to buy property and settle in a desirable coastal location.
Lightstone, which provides analysis on trends and segmentation in the property sector, gives insights into some of the unique selling points of this coastal town and lists the top streets, suburbs and estates.
Mossel Bay’s demographic consists of 54 406 adults with an average income of between R240 000 and R340 000 per annum and a LSM (Living Standards Measure) of seven to eight, with the largest group of homeowners aged between 50 and 64 years.
“An interesting finding in the dataset reveals that 29% of recent buyers are aged 18 and 35, however, this group only consists of 3% of stable owners and recent sellers, which may be attributed to the fact that this age group only recently entered the workforce and are thus now in a financial position to purchase property,” says Lightstone.
The Lightstone analysis of the town includes the data of 24 8133 properties (freehold, sectional title and estates) and reveals that 15 390 transactions have taken place over the last five years.
Property has enjoyed a steady increase in value, according to Lightstone. Freehold properties make up the largest percentage of the property market, comprising 65.9%, followed by estates at 18.92% and sectional title units at 15.1%.
The Lightstone dataset from the period May 2018 to April 2019 revealed that 57% of existing owners retained their property for 11 years or longer and the second largest group (23%) has had ownership of properties for less than five years.
Those who’ve owned property for eight to ten years, and five to seven years make up the remaining 20%, distributed evenly at 10% each.
Mossel Bay’s top streets, estates and suburbs
Additionally, Lightstone data from the last five years reveals the most expensive streets and suburbs in Mossel Bay, with the highest-valued street being Point View in the Pinnacle Point Beach and Golf Estate at an average value of R6.7 million per property.
The top estates in the region are Brandersig in Diaz Beach, at an average property value of R5.8 million. Second and third spots belong to Moquini Coastal Estate with average property value of R 3. 9 million and Point Village at an average of R 3. 7 million, both of which are located in Mossel Bay.
"The incredible value of the properties along with the quality of living will continue to be a drawcard for the region as young families look to establish themselves in the coastal town and surroundings," says Lightstone.
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