The Cape suburb of Pinelands is experiencing moderate growth in residential sales this year, compared to the first half of last year, says Richard Smith of Jawitz Properties Pinelands. Smith says that in both free-standing homes, and sectional title units, sales are up.
Between the beginning of January and the end of May last year, free-standing property sales in the area totalled at R62, 860 000, while the first five months of this year totalled at R74, 552 500. The median price in this sector rose by R250 000, and the per m2 price, by R200 this year.
Smith credits the popularity of Pinelands with its status as the 15 minute suburb – meaning it is possible to get from Pinelands to the airport or the CBD in no more than 15 minutes. Its proximity to these destinations makes it an ideal, central location to live in.
Additionally, the amenities of the area are also an attraction. “There is a unique, quiet, relaxed feel. Pinelands has wide pavements, grass verges and open parks. It is very family-orientated, closely located to schools, and also offers a few retirement homes,” says Smith.
“You don’t have to leave the suburb as there are plenty of local businesses offering all you could need, but the close proximity to town, and large malls like Canal Walk – thanks to the new M5 connection, are fantastic benefits for residents here.”
In sectional title sales, for the same time period last year, homes to the value of R13, 400 000 changed hands, while this year between January and May, total sales are at R13, 890 000 . Despite the median price in this sector dropping by close to R220 000 and R500 per m2 this year, five more homes have been sold this year compared to last year.
Smith finds that the most prominent demand is for homes in the under-R2 million price bracket. The only negative element is that some buyers struggle to acquire finance, but he says for the ones who can afford to buy, if a home for sale is priced correctly, it tends to sell within a month to six weeks.
“Buyers are definitely seeing the value of Pinelands,” Smith concludes.