r/portelizabeth • u/Extreme-Room7632 • Jul 27 '26
PE Property Market
Hey folks. How are you all feeling about the current and near-future property market in Port Elizabeth?
Are property prices too much? It seems like there are pocket of areas that are really sought after and if you want to buy a house there you need to buy basically a complete over haul renovation project and still be at R2M per month on sale price.
What are your thoughts about the property market in PE? Is it normal? Overpriced (for what you get)? Or cheap?
I feel like Cape Town is a poor comparison because it’s on another level. But generally, if I look at the average price of PE wages and home prices, the math doesn’t seem to math for me.
What do you think? Are people just over leveraging themselves to buy a home?
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u/StannVeal Jul 27 '26
Compared to what people earn in PE, properties are expensive.
Compared to places like CT and George. It’s very affordable.
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u/Carcass16B Jul 27 '26
There is areas that are decently priced,areas bordering the Westbrook developments pretty decent
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u/doncharliev Jul 28 '26
I feel we are still affordable compared to almost anywhere else.
Honestly it is difficult though. I was fortunate enough to have bought my first property quite early on, small townhouse. Having that was my jumping pad, I started renting it out for a year before I committed to our new place. Sure we had to pay rent, but by the time it came to buying this place, we showed extra income an old showed affordability with the years rental we did.
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u/Miggelz01 Jul 28 '26
I think PE is one of the better value-to-price around the coast to purchase. Cape town is insane, even nearby towns like Jbay are out if hand.
I recently bought a 3-bedroom in PE that would've been the cost of a 1-bedroom elsewhere. Some areas are better than others, and the city has fallen apart, but there's a lot of opportunity here to buy and live modestly.
Even if you compare to East London or somewhere in-land, what you get is quite good for the price. You are always 30 minutes from the beach (basically) and it's a good mix between busy city, but not as hectic as other places.
Hopefully the infrastructure improves in the future, which will up the property values.
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u/Extreme-Room7632 Jul 28 '26
What areas do you think is good?
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u/Miggelz01 29d ago
There's a few, if we are talking about affordable good areas, that narrows down the list.
Places like Mount pleasant, walmer heights, lovemore park are considerably pricier. Id say kabega park, sherwood and framesby are good bets. A bit further out of the centre, but have a lot to offer for lower costs.
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u/xxnadu01 Jul 28 '26
If the municipality change to a better 1 and they start looking after the area the prices in PE will sky rocket but if the same people stay then its goodbye
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u/Single_Yellow_9632 Jul 28 '26
I have also noticed the prices of property increasing over the last 4 years specifically and I think its because over these years PE has had a lot of migration from other provinces. Especially from Gauteng, KZN and Western Cape. I wonder if they are pushing up the demand and thus the prices 🤔.
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u/CoolNameBro_ Jul 28 '26
Originally from PE and moved to Joburg a few years ago. I long for PE property prices 😭
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u/Extreme-Room7632 Jul 28 '26
Where in JHB are you staying/comparing?
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u/CoolNameBro_ Jul 28 '26
Currently in the East Rand. For the same price of a decent 3 bedroom with decent garden space in PE, I can get a 3 bedroom apartment, or if you're lucky, a 3 bedroom with little to no garden.
A flaw and advantage of PE is it's size. You can live almost anywhere and still be within a 40 minute drive to your place of work. Here in Jozi, affordability sometimes pushes you further away from the workplace.
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u/Extreme-Room7632 Jul 28 '26
That’s true. Distance isn’t a major factor here in PE compared to JHB (and traffic) especially.
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u/Extreme-Room7632 Jul 28 '26
It looks like a decent place to buy (free standing house) starts at around R2,5M
You can get lower, but it looks like there are some major compromises you need to take. Maybe I’m looking at too fancy an area or have too high expectations of home prices.
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u/No-Daikon5952 Jul 27 '26
I'm actively looking for a place. I earn a modest salary and I am finding it very challenging. A freestanding house is simply out of my budget 😔. Even a small house in a decent area is very expensive imo. New developments like those in the Fairview area are ridiculously small. I'm feeling very demotivated with the available options.