Property Market bloomed in 2016

Oudtshoorn Erven Property Registration 2016

Oudtshoorn Erven Property Registration 2016

By Elmarie Jacobs
A whopping 332 registrations at  the Cape Town Deeds Office in 2016.
Since 2012 I have been analyzing our local property market to enable me to give accurate ­valuations and to best serve my buyers and sellers. The interpretations below are estimates and based on the registration of erven properties at the Deeds Office.

They do not include sectional title transfers and also do not distinguish between residential and commercial properties, although I do believe that the majority of these registrations account for ­vacant stands and houses.

Last year roughly 39 properties registered ­between R100 000 and R199 000, representing 12% of the market.

The most active price range was R200 000 to R399 000, reflecting 18% with 61 registrations.
Houses in the R400 000 to R599 000 bracket and the R600 000 to R799 000 price range tied at 17% with 57 registrations each. A total of 46 re­gistrations (14%) were recorded in the price range R800 000 to R999 000: These houses are typically mainly situated in Westbank.

The 21 registrations in the price range R1 million to R1,2 million comprised 6% of the market. A total of 51 properties (16%) sold for prices exceeding R1,2 million.

Price range comparisons for 2016, 2015, 2014, 2013 and 2012:
Looking at the table above, I think it is safe to assume that our local market is stable and quite consistent, both in terms of the annual total amount of properties sold and transferred, as well as the activity in the various price ranges.

Noteworthy is the marked increase in property sales over R1,2 million. In 2016, 25 (8% of total sales) properties registered between R1,2 and R1,5 million. 15 (5%) registered between R1,5 and R2 million, 4 (1%) registered between R2 and R3 million and 7 (2%) registered for more than R3 million.
It will be interesting to see what 2017 will bring to the table!
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