Nov
2021
Springfield is a middle upper-class residential suburb of Port Elizabeth which attracts the whole buyers market and this is due to the property make-up. The property usage consists of apartment complexes, duets, sectional-title townhouses, freehold homes, vacant stands and cluster homes.
The younger generation is the greater portion of the market as this is the entry-level for first-time buyers. That means apartments and townhouses determine or contribute a large portion to the stable growth in property values in the suburb. Since 2019 the suburb has shown a steady increase in value, it may not be as drastic as expected but the growth is seen in the prices properties are sold for.
Other factors which appeal to the market is the proximity to schools, malls, industrial and commercial nodes and the convenient access on major and minor roads. Access to Uitenhage, where there are large commercial and industrial nodes is a short distance from the suburb.
The trend with apartment complexes is what the market predicts which is fresh, modern and secure. Vacant stands that are large enough to develop as apartment complexes or townhouse complexes are perfect for developers. Investors also target the sectional-title market because there is a major demand for rental property in the suburb and returns on rental property are favourable.
The number of vacant stands means the suburb has not yet reached its full market value and stands can sell for a pretty penny because vacant stands are becoming scarce.
For entertainment, there are the beaches and then there are numerous commercial venues that ensure that Port Elizabeth maintains its affectionate name of The Friendly City.
Schools in and close to the suburb are Charlo Primary School, Theodor Herzl Schools, Hoerskool D.F. Malherbe and Lorraine Primary School.
Malls catering for entertainment and household shopping are Moffett On Main Lifestyle Centre, Emerald Square Centre and The Willows Shopping Centre.
