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Howick cash buyers target R2m+ bracket

midlands-estateOlder cash buyers are driving the Howick market, according to broker/owner of RE/MAX Midlands, Pelham Henwood.

“We have seen a number of buyers over the age of 65 years old coming to the area looking for a place to retire,” he said. “Many are moving here from large metropolitan areas and want a change of pace from busy city life. These buyers are generally upper-income, ex-executives who have the equity to purchase a retirement home without the assistance of a bank.”

Henwood said these buyers were purchasing homes priced from R2,5m to R4,5m, noting that homes listed below R2m were snapped up almost immediately after they listing.

“This buyer demographic is generally looking for homes within secure gated developments with 24-hour guards,” he said. “They want lifestyle retirement estates that offer community life and engagement with others within the estate, along with organised quality entertainment, sporting facilities and frail care. The estate being pet-friendly is also a prerequisite for many of these buyers.”

Photo: This luxury retirement home in game estate, Amber Ridge Estate, is on the market for R4,75m. It features two bedrooms, white porcelain flooring, imported Italian fittings, a cosy Morso fireplace and double garage, as well as panoramic views of the game area and mountains.


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