Buyers and investors packing for well-priced Plumstead

BUYERS wanting to get a foothold in the southern suburbs’ property market are still packing for Plumstead and surrounding areas such as Meadowridge and Diep River, according to Seeff agents, Peter Thornton and Peter Marais.

This year, 79 properties worth a total of over R151 million have been sold in Plumstead at an average price of almost R2m. According to Propstats data, the average price four years ago was R1.3m. This year’s average price is also about 25 percent higher than last year’s average selling price of R1.6m.

Almost 70 percent of all sales in Plumstead since the start of last year to early August this year, were freehold houses. According to the agents, just over one third of all sales were above the R2m price band as buyers are prepared to pay ever- higher prices, provided they find good value.

“We have for example already seen 10 sales of properties priced from R3m this year ranging from R3.2m in Meyrick Avenue to R5.45m in Denbigh Road. These were large houses though with four and five bedrooms,” say the agents.

In neighbouring Meadowridge, one of Garden Cities’ early developments, the average sales price for this year is now just over R3m, up by over R1m from 2012 when it was about R2m.

Three-bedroom houses have been the most popular this year in Meadowridge and have achieved prices of up to R3.95m in Newton Drive. Larger fivebedroom houses were sold for R3.725m in Darwin Way and R4.925m in Newton Drive.

Diep River, another soughtafter neighbour of Plumstead, now has an average selling price of just short of R1.5m, up from R1.1m four years ago.

Recorded sales for Diep River include smaller semidetached houses that were sold for R1.175m in Rambler Road to R1.53m and R1.6m for homes in Hamilton Road. Freehold houses have reached prices of R2.8m for a three- bedroom house in Avon Road and R4.6m for a house with six bedrooms in Rambler Road. This is the highest price achieved so far for this year according to the data from Propstats.

“We are finding the market on this side of the mountain still quite active,” says Thornton. “There is still plenty of demand, but buyers are now looking for value and are resisting high listing prices.

“Young people – especially young families – are drawn to the areas for its good value and access to good schools.”

They say that older houses, especially in Plumstead, are being snapped up for their loca- tion and value and are then upgraded and renovated to suit the buyers’ needs.

The area is especially popular for its solidly built old homes that are often renovated to make use of the large dimensions and high ceilings to good effect.

“Even luxury homes still offer exceptional value, often with three or more bedrooms such as a five-bedroom home with a nice sized garden and swimming pool, practically on the border of Constantia that is for sale at R3.95m.”