SITUATED just west of the Nelson Mandela Bay CBD, which boasts beautiful architecture, Lorraine is also close to some of the area’s best attractions while traditionally also being a very popular “family” suburb.
Lorraine has a wide selection of property types to suit a range of buyers, with approximately 53% of all property in the suburb being sectional title units, as reflected by statistics from Lightstone.
The Lightstone figures show that the remaining property is pretty evenly split between freehold homes (25%) and residential estates (23%).
RE/MAX of Southern Africa chief executive Adrian Goslett says younger generations are finding this area particularly appealing, especially the sectional title units. Lightstone data reflects that close on 45% of recent buyers in the area have been aged between 18 and 35 years old, while 38% of recent sellers have been aged between 36 and 49 years old.
Lorraine is considered to be one of the fastest growing suburbs in this city. Goslett says it is evident that in this suburb, young couples and executives find sectional title properties appealing, especially for their low maintenance and lock-up-and-go qualities.
“Between July and September this year, 39 sectional title homes were sold in Lorraine, with the majority of the transactions in the R400000 to R800000 price range.
“Secure residential estates are also a popular option for families, with 23 transfers undertaken in this category between July and September this year, also predominantly in the R400000 to R800000 price range.”