THE high-end property market is booming on the Sunshine Coast, with several houses on the market for R10-million or more.
Although it is a buyer’s market, prices for multimillion-rand mansions are rising despite tough times.
Port Alfred estate agents said they had several listings for homes of more than R10- million.
Lew Geffen Sothebys International Realty co-owner Heather Tyson had six houses on the upmarket Royal Alfred Marina alone listed for R10-million plus.
She said she was hoping to beat the R9.7-million marina record sale three months ago for a double-storey mansion on a triple plot. “They are all mansions with generous accommodation and in prime positions with top-of-the-range quality finishes,” she said.
Although none of the houses boast gold taps or other over-the-top bling, they still have the best of everything.
“Price is more about position,” Tyson said. “One of the houses over R10-million on the marina is a triple-storey on a double plot with a lift, superb sea and canal views and the ultimate security.”
Property prices have risen over the years despite a shrinking economy.
Tyson said prices for high-end properties remained constant.
“Prices on the marina start at R2.2- million and go up to R14.5-million.”
RE-Max Kowie owner Warwick Heny said 11 residential properties on the Sunshine Coast were up for sale for more than R10-million, excluding farms.
“Houses at R10-million plus are not necessarily at that price just because of state-of-the-art finishes,” Heny said.
“We are talking of houses of 700m² to 1000m² in area.
“If one looks at replacement cost, new builds are about R10000/m² to R12000/m², so these homes [have] a price similar to replacement cost.”
He said there was no shortage of quality stock or homes for sale and it was often far simpler and easier to buy a great R10-million home than have to plan, design, consult, and manage a new-build programme.
“Gated developments like the marina hold their value more than homes in less affluent areas,” Heny said.
“So, while the prices of marina and some large beachfront homes may seem very high to locals, they are rather average or even low when compared with other large quality homes in Knysna or Plettenberg Bay.”
He said quality top-end homes were still available at prices close to those of a few years ago. “The economy is on the up, but the Sunshine Coast is still a holiday area.
“That does mean, however, that our area comes off a lower base. Exceptional properties can be secured at good prices – a positive sign for buyers.”
Pam Golding Kenton-on-Sea owner Mike Wilmot said three homes costing more than R10-million had been sold recently.
He said even though there were more houses on the market than before, there was always demand for the “best, topend” houses.
Isobel Meyer, of Pam Golding Port Alfred, said a house was on the market in Kleinemonde for more than R12-million.
“It is not the most expensive home, but certainly the most interesting.” – David Macgregor