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Uitenhage: Affordable Homes for First Time Buyers
Category Property News
As the average age of first time residential buyers in South Africa rises, (estimated around 34-years and above), the low-priced property range (properties less than R1 million) in the country is still fuelling the real estate market in certain areas. Reason being that this portion of the market is fed by a demand from a younger demographic that places most significance on the affordability of a property – as the country is still experiencing restrained economic growth.
Taking a look at the overview of the South African market, it shows that the average percentage of first time buyers, between the ages of 20 and 29 has declined from 16.34% in 2011 to 13.63% in 2015; this does not mean that young buyers are not making up a large chunk of recent buyers in particular locations.
The town of Uitenhage has seen a lot of activity from buyers in this age bracket, with a total of 29.6% of recent buyers, over the last year, aged between 18 and 35. Due to properties in this area being affordable and offering more value for money , along with a thriving industry and being in close proximity to both the University of Port Elizabeth and the Nelson Mandela Metropolitan University – Uitenhage continues to attract younger market.
Situated near the banks of the Zwartkops River, a mere 38km north west from Port Elizabeth, it lies on the foothills of the Winterhoek Mountains. Owing to its mild climate that allows gardens to thrive with little help and its beautiful surroundings, Uitenhage is also known as the Garden town of the Eastern Cape. Uitenhage is rich in history and has an abundance of attractions including; the Addo Elephant Park which lays a mere 45km away, historic town buildings, as well as the Blindekloof Walking Trails.
Uitenhage’s yearly street carnival is another experience that is not to be missed. Hosted, for over 20 years in November, through the streets of Uitenhage this spectacle is something to look forward to. Street parades, live music, a vast market and beauty pageant make up this entertaining events itinerary.
Despite its small town feel, it is an industrial hub with several large industries found within its borders, and is world renowned for being home to a Volkswagen factory - the largest automotive factory on the African continent. The VW factory is firmly established in the culture of this industrial town – creating thousands of jobs for locals and standing as a pillar of Uitenhage’s economy.
Uitenhage has all the amenities of a big city with; approximately 20 schools in the area including the reputable Muir College Boyes and Riebeek College Girls High School, a private Netcare and public hospital – as well as various other medical facilities, several shopping centres, a myriad of shops and many eateries.
Lew Geffen Sotheby’s International Realty understands the importance of affordability and has uncovered lovely homes in Uitenhage to give buyers the best value for their money. Currently on the market is a cozy 4 bedroom home, listed at R550 000. This neat residential property is ideally suited for a first time buyer with a family. This charming house is within walking distance from amenities and includes a fitted kitchen, aircon and well-maintained garden.
While Uitenhage has been underestimated in the past, it is due for a comeback and forecasts show a young buyers’ market developing – with great value for real estate – buying here will ensure affordability and the comfort of being surrounded with the best amenities and services close by.
Author: Lew Geffen Sotheby's International Realty