Dear Valued St Francis Bay Residents, Property Owners, and Friends Interested in Our Area,
Welcome to your August newsletter from our office! We're thrilled to bring you the latest property insights, exciting updates on our beautiful area, and a glimpse into our recent community involvement.
Property Focus: A Significant Advantage for First-Time Buyers
The South African property landscape has seen a positive shift for first-time homebuyers! The government's recent increase in the transfer duty exemption threshold to R1.21 million offers a fantastic opportunity to enter the market without incurring this often substantial once-off tax. This means potential savings of tens of thousands of Rands, providing a significant head start.
While this exemption is a huge benefit, it's crucial for buyers to still factor in other upfront costs such as bond registration fees and attorney costs. Many first-time buyers are wisely targeting properties in the R900,000 to R1.2 million range, especially in areas with strong growth potential. We advise prioritizing location and long-term resale value, viewing your first property as the beginning of an investment portfolio.
If you're a first-time buyer, or know someone who is, this is an opportune moment to explore the market. Our team is here to guide you through every step, ensuring you make the most of these savings and find the perfect property to build equity.
Community Spotlight: The St Francis Bay River, Spit, and Beach Restoration Project
We are excited to share significant progress on the Long Term Coastal Protection Scheme (LTCPS), a vital initiative for the future of St Francis Bay's iconic coastline. This integrated coastal engineering project is well underway, aiming to restore our beaches, ensure long-term stability, and enhance recreational and economic opportunities for our community.
Key updates include:
- Dredging Preparations: Preparations are actively in progress for dredging sand from the Sand River Delta and the Kromme River. This sand will be pumped to various discharge points along the beachfront, including Main Beach, for essential beach nourishment. You may have noticed deliveries of dredging pipes along Ralph Road, marking a visible step forward.
- Groyne Construction: The LTCPS also involves the phased construction of strategically placed rock groynes along the shoreline between the Kromme River mouth and Main Beach. These groynes, combined with the sand nourishment, form a dual approach to rebuild and maintain our beachfront.
- Spit Access: Please note that the St Francis Bay Spit is currently closed to the public as it is an active construction zone for these crucial works. An access road has been completed, and the extension of the spit revetment (Phase One) has begun to strengthen this vital barrier protecting our canals and infrastructure from ocean waves.
This project is a testament to our community's commitment to preserving and enhancing the natural beauty and resilience of St Francis Bay. We are optimistic about the long-term positive impact this will have on our town.
St Francis Bay Property Market Trends
The St Francis Bay property market, while experiencing a normalisation after the post-COVID boom, continues to show resilience and strong underlying demand. While 2023 saw a decrease in the value of property sales turnover compared to the very buoyant years of 2021 and 2022, this is a trend seen across many South African coastal towns and is often linked to interest rate cycles.
Here’s what we're observing:
- Slowing Sales Volume, Not Necessarily Prices: The overall sales volume has slowed, but this doesn't automatically mean a drop in prices. Instead, it indicates a shift from the rapid pace of the boom years. Sellers may need to adjust their expectations to align with current buyer sentiment.
- Continued Popularity: St Francis Bay remains highly sought after, with a growing number of residents choosing it as their permanent home. The town has transitioned from a quiet holiday retreat to a popular 'zoom town,' attracting younger families, remote workers, and retirees seeking a peaceful lifestyle and access to nature.
- Demand Across Segments: We are seeing decent demand at the very top end of the market (over R20 million) and continued interest in the R8 million to R12 million price band. Entry-level vacant plots and homes in areas like Santareme and the Village have seen significant price appreciation over the past few years, with many doubling in value.
- New Developments: In response to sustained demand, new developments, including residential estates and retirement villages, are underway, adding to the variety of housing options available.
With the ongoing coastal protection scheme and the continued allure of the St Francis Bay lifestyle, we anticipate stable market conditions. Our team is here to provide accurate valuations and expert advice to help you navigate the current market successfully, whether you're looking to buy, sell, or invest.
Local Fun: Supporting Our Community at the School Golf Day!
We recently had a fantastic time sponsoring a hole at the local school's golf day! It was a wonderful opportunity to connect with the community and support a great cause. We sponsored a prize for "nearest to the pin," kept the golfers refreshed with drinks, and added a touch of excitement by offering the chance to hit a "cracker jack" – a golf ball with a cap gun cap that makes a big, fun noise! A lot of laughs were shared, and it's always a pleasure to be part of such enjoyable local events.
our Facebook Page for updates on our community activities and latest properties
For any property inquiries or to discuss the market in more detail, please don't hesitate to contact us.
Warm regards,
The Seeff St Francis Bay Team | Property Professionals in St Francis Bay
