As a first-time buyer, getting a foot on the property ladder can be challenging. House prices continue to trend upward and interest rates are also on the rise. However, choosing the right location can help you defy the odds. East London is living up to its Buffalo City nickname, as herds of new homeowners are seeing the benefit of its good value-for-money properties and easily accessible pricing. If you're looking to buy, you'll find the area has properties that will suit your budget.
Unpacking East London's property market
Eastern Cape's housing market has ongoing strong demand and is even outperforming other coastal regional housing markets. Here are some positive signs for potential buyers in the area:
Have plenty of options: According to Property24's Property Trends and Statistics, there's an all-time high of East London properties currently listed on the market. New properties to the market are also high. On Century 21 South Africa's website, you can find over 200 properties alone including houses, apartments, small holdings, farms, lodges, and villas.
Choose your ideal type: While East London's housing stock is primarily freehold (roughly 83%), you can still pick up a sectional title home (9%). The latter has proven popular as young buyers enter the market and hunt for affordable, safe, and fuss-free living. Vacant land sales also remain a viable option. As the median price is the most affordable it's been since 2018 (Lightstone), this is a good time to secure a stand for future home building.
Buy without breaking your budget: According to Property24, the average property sale price was R996,000. This is only a marginal difference from 2021 (R996,000) meaning buying remains as affordable as ever. There are several accessible areas in East London. In Mdantsane, for example, Century 21 East London has properties starting as low as R270,000. At this price, you can get a three-bedroom house complete with a kitchen, lounge, and a spacious erf for future developments.
Find your community: If you're a young professional, first-time buyer, or family, you'll be surrounded by like-minded individuals. Lightstone research shows 70% of recent buyers are aged 18-49. Lightstone shows there were 1 631 registrations alone in 2022, with many buying homes for the first time or upgrading to larger homes.
Get a property in good condition: Property professionals have found 'blue collar' suburbs like Cambridge and Amalinda are enjoying great buyer interest. However, these buyers are also making considerable improvements to properties with sand, cement, and building materials.
Semigrate for better living: Coupled with attractively priced properties, East London also boasts an exceptional lifestyle that is attracting semigrants. The cost of living is lower compared to bigger cities and residents enjoy a more relaxed environment. The city also holds great appeal for its abundance of amenities such as schools, healthcare facilities, shopping centres, restaurants, and special attractions. Buyers can live close to the seaside without paying a premium compared to other coastal areas. If you're a government worker, you'll also find it an easy commute to Bhisho which is less than an hour away.
Be part of a thriving economy: If you're moving in search of career opportunities, East London has you covered. The Eastern Cape government is actively collaborating with the private industry to create employment; in fact, the province has seen a significant decrease in the unemployment rate. Towards the end of 2021, the East London Industrial Development Zone, consisting of 16 investing companies, pumped R3,3 billion into the local private sector. The area is seeing considerable growth with the opening of the state-of-the-art Royal Buffalo Specialist Hospital and a container mall in Scenery Park. Old Mutual Alternative Investments will also develop two new independent schools worth R71 million to increase access to quality education.
Put down roots in budget-friendly East London
The city has much to offer and plenty of properties to fulfil your homeowner aspirations. Century 21 East London has properties to suit all budgets and tastes. Don't delay, schedule your viewing today with our team of property professionals.