2009/03/06

The growing rental demand in Amanzimtoti is mainly from those working in 'Toti and Prospecton as well as those waiting for the market to change before buying.

So says Terry Cousins, area principal for Pam Golding Properties (PGP), who adds that the demand for rentals is particularly strong in the price range from R3,200 to R3,500 per month.

He says for this rate one would be able to rent a two-bedroom, one-bathroom unit, although as he points out, rental rates for such units range up to R4k per month. "A three-bedroom, two-bathroom apartment is in the region of R5k per month with a three-bedroom townhouse or simplex approximately R6k. Entry-level houses with three bedrooms average from R5k to R8k up to around R10k at the top end of the market."

Cousins also says "the recent interest rate cuts - hopefully the start of a downward trend - have achieved a more positive sentiment in the buying market".

"The new Galleria shopping centre – due to officially open later this year and where Pick 'n Pay is already operating – is starting to draw new people into the area, which is positive for our local economy and the residential property market.

"We have noticed an increase in general enquiries, including those from a new breed of investor – cash buyers seeking apartments in the R400k/R500k price range as an investment. Interestingly, we've also recently received several enquiries from buyers seeking to purchase a lock-up-and-go residential property to use for retirement in the future," he says.

Property24