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Persistent Positive Progress at Palm Lakes Estate

Category Property Sales Growth

Over the past 18 months Palm Lakes Estate has seen its property trade curve turn upwards with both the number and the value of properties being bought and sold increasing healthily. Putting property market fluctuations aside, most of the homes built in the last few years at Palm Lakes Estate have been by purchasers wanting a new home designed for their family's needs and future life stages. Interestingly when this estate was initially launched just over 13 years ago it was an unknown estate, stretching over 313 hectares, and it was perceived to be a distant estate offering entry level affordability positioned "too far" from Ballito. Now with the rapid expansion of the North Coast and more and more master-planned developments creeping closer towards Palm Lakes Estate this estate is now regarded as part of Ballito's many developed estate offerings.

The initial home offerings during its early years were often equated to be entry level - being priced at R 600 000 to R 700 000 for a 2 bedroom apartment in The Palms Apartment blocks in 2011. Today these apartments are selling for R 1.4 million whilst the townhouses at Sunset Place development - which were launched at approximately R 1050 000 are being traded today in the R 2 million mark. In 2013 newly built stand-alone 3 bedroomed 250 square metres homes were being sold for 1,8 million and by 2018 the average price for these sized homes was around the R 2,8 Million price range. The increase in semi-gration to Ballito has seen more higher-income professionals moving to this area which has also resulted in a surge of new quality homes being built in the estate with a greater emphasis on architectural design, increased size and higher quality finishes.

Taking all this into account the property market in Palm Lakes has shown robust growth in both sales and increasing prices over the past four years. Homes that are over 400 square metres in size are now being built s and these are being marketed for over R 4.5 million. This noteworthy change is being reflected in the larger transactions now occurring in Palm Lakes Estate and this month Scott Whitaker from Seeff North Coast was the property professional who effected the highest sale that has been conducted this year - being over R 5.1 million Rands for a stunning contemporary multi-level home - just over 400 square metres. This certainly illustrates the investor confidence in this successful family estate. Whilst professionally representing Palm Lakes Estate as a brand ambassador, Scott has also contributed positively to the ongoing success of Palm Lakes though his successful run on property sales this year, racking up 10 sales since January. Nothing builds a picture of success more than achievement, and this is exactly what these sales demonstrate.

With the expansion of retail centres both at the Tiffany's Centre and also at the New Salt Rock City Centre the positioning of Palm Lakes has also become even more attractive as these commercial centres are easily accessible. Palm Lakes could even be considered to be in a growth corridor - placing the estate in a very favourable position for further evolution. This statement is based on the fact that KwaZulu-Natal will soon be welcoming the first Club Med Beach Resort to South Africa and this will be located a mere 4 km from Palm Lakes Estate on the coastline at Tinley. According to reports, this Club Med Resort will have 350 rooms and 50 villas, with an exclusive beach in a beautiful bay. The resort will be built on an area of 30-hectares and offers the benefit of combining a beach destination with the "Big Five" safari reserves approximately 2 and a half hours north of Tinley and Palm Lakes Estate. This location is also approximately 20 kilometres from King Shaka International KwaZulu-Natal.

For the discerning landowner and property investor, or those who are looking for a great lifestyle, this may just be the time to start focusing some attention on this maturing lifestyle estate.

For further information on Palm Lakes Estate and what is has to offer contact Scott Whitaker on Cell: 072 725 9633 or on his email:scott.whitaker@seeff.com

Author: Chrissie Johnson

Submitted 23 Jul 19 / Views 129