Real estate agency Pam Golding says that the concept of a ‘luxury’ home has changed somewhat during lockdown in South Africa, as people increasingly focus on social distancing and open spaces.
The group said that buyers are increasingly placing health and generous indoor/outdoor areas for exercise, family activities and workspaces at the top of their priority lists.
“As the remote working trend continues and even gathers momentum, highly desirable, secure locations are garnering increasing interest among home buyers, as evidenced by our auctions to date which are seeing luxury homes in the price range from approximately R5 million upwards achieving solid, market-related prices in a broad range of sought-after destinations which offer highly appealing lifestyles,” said Tania Smit, head of Pam Golding Auctions.
“Of note is that homes in secure, lifestyle estates retain their ongoing attraction, especially those with sizeable outdoor spaces, amenities, cutting edge technology, security and eco-friendly and energy-saving features.”
Lauren Meyer, Pam Golding Properties agent in Port Alfred, said that there has been a notable uptick in luxury homebuying combined with a semigration trend towards the coast.
“We have definitely experienced an uptick in our market post-Covid hard lockdown with 2020 having been one of our most successful years to date.
“This, we believe, is due to coastal semigration and the manner in which homeowners, buyers and just people alike have been afforded a new perception of their work places, lifestyles and the overall cost of living.
“The favourable interest rates at the moment have also driven our sales up significantly within the past year and we have seen a large number of tenant-to-homeowner conversions.
“There’s also marked interest in the top end of the market and we have within the last few weeks alone concluded transactions to the value of almost R20 million as Port Alfred currently offers great value for money and investment potential to discerning buyers,” she said.
Pam Golding has announced the auction of a private island in the prestigious Royal Alfred Marina. The bidding for the 3,863sqm Lady Hamilton Island starts at R3.9 million with the auction set for 24 March.
“Comprising mostly vacant land, with an existing cottage, swimming pool, tennis court, two private deep-water jetties, established treed garden and 24-hour manned security including CCTV cameras and guardhouse, this property has incredible potential for anyone wanting an idyllic retreat in a secure, sought after environment.
“This is easy living with peace of mind to relax and enjoy fishing, boating, golf, surfing and beach activities on tap,” said Pam Golding.
Pam Golding Properties agent for Franschhoek Jeanine Allen said that buyers are looking for quality, style and sophistication in a safe environment.
“Here, the location is very important in terms of views, security, privacy and tranquillity. Everyone has their own taste and there is something for everyone, from security complexes, estates and freehold residences to smallholdings sought after by families relocating in pursuit of space in secure environs, as well as a growing demand from local buyers also wanting more space and outdoor activity options for their families.
“Luxury homes are priced from approximately R8 million while lifestyle holdings range from the region of R20 million to R50 million and upwards.”
Allen said that at present, he group is mostly seeing local buyers whereas in recent years foreign investors used to dominate the market, buying apartments for holiday accommodation.
Now young couples are looking here to work from home, however, prices are generally not sufficiently accessible to stimulate this market segment, or to attract more price-sensitive buyers, she said.
“On the other hand, we are experiencing high demand for lifestyle farms and top-end homes, and currently have for sale on the forthcoming auction a six-bedroom house with an opening bid price of R4.7 million, ideally located on award-winning Fransche Hoek Estate.”
The majority of buyers are looking for the peace of mind that comes with the security and lifestyle this estate offers, coupled with value for money, said Linda Nunes, Pam Golding Properties agent at Eagle Canyon Golf Estate in Johannesburg West.
“More modern homes and homes that require little or no work are becoming more sought out in comparison to those that have become somewhat dated and need to be refreshed or renovated.
“As a result, these contemporary homes are fetching higher prices as buyers are prepared to pay for the convenience of simply moving in versus having to make improvements.
“Triple garages and garden areas are also in demand and often become the differentiator for certain homes being chosen over others.”