The property markets in both Jeffreys Bay and St Francis Bay appear to be heading into buyers territory as the value of properties sold in 2018 peaked and have receded in 2019.
The average sales price of houses sold in Jeffreys Bay during 2018 was R 1 250 000 while the average price of apartment sales was R 870 000, according to Property 24 House sales in 2019 have averaged at R 950 000 while apartments average at R 800 000
A similar trend is evident in St Francis Bay where the average price of house sales have decreased from R 2 940 000 in 2018 to R 1 955 000 so far in 2019.
“After our best year ever in 2017, we found sales a bit slower in 2018 and 2019 so far, even though St Francis continues to attract many buyers,” said Richard Ardene from Pam Golding in St Francis Bay.
“Looking at our suburbs in a bit more detail: we are short of tiled roof houses in the Canals priced around R 5 million to R 7 million where most buyers are looking.
The prices in the village of St Francis Bay have been static for a few years; and the demand for Santareme is still low, despite the great views.
Cape St Francis has, after a few excellent years, experienced a drop in turnover, maybe due to high seller expectations. The Links is finally having a surge of interest,” added Ardene.
The estimated monetary value for building plans approved by Kouga Municipality from January – March 2019 amounted to R 106 608 990.00.
“229 site inspections were also carried out between 1 January 2019 and 19 March 2019,” said Councillor Ben Rheeder the Planning and Development Portfolio Councillor for Kouga.