Albie Timmerman, principal of Homenet 1st Realtors, says in the central part of Pietermaritzburg, including Clarendon, Pelham and Scottsville, sectional title sales have yielded a high turnover in comparison to other suburbs, according to the local Residential Property Price Indicator (RPPI). This shows that over the past year there have been some 872 sectional title sales in the greater Pietermaritzburg area, of which the central area accounts for around 282, followed by Lincoln Meade and Scottsville at 137 and 106.
"Lincoln Meade and Scottsville have performed well because of new developments taking place where property prices average between R450k and R650k," says Timmerman.
"Montrose, Oak Park and Hilton have also had good upmarket development sales."
He says the swing to sectional title properties is primarily due to the fact that they offer greater security and convenience – a lock-up-and-go lifestyle – "coupled with the fact that purchasing from a VAT-registered developer means that buyers don't have to pay transfer duty".
Meanwhile, he says, vacant land is selling very well in Hilton and Montrose due to the Victoria Country Club Estate and Garlington developments.
One of the more significant draw cards of Pietermaritzburg is of course the outstanding selection of schools nearby and the general environment in which to raise children.
"Therefore, there is a notable number of family buyers in the market, and as a result of factors such as interest rate increases and the National Credit Act (NCA), there is currently a lot more stock on the market for them to choose from," says Timmerman.
Image: This townhouse complex in Wembley offers five homes for R2,55m each and no transfer duty. The homes offer three bedrooms, two bathrooms, a guest toilet, study and two verandas.
For more information contact (033) 394 5211 or click here to visit the website.
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