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South Africa's Top 10 suburbs
Posted: 15th July 2010
This list is based on total sales.
Top 10 suburbs are based on Total Number of Sales for the period December 1 2009 to February 28 2010. We review full title and sectional title properties collectively and exclude sales where purchase price is less than R100 000 or greater than R15m.
Some very interesting statistics have been issued by the Knowledge Factory and their South African Property Transfer Guide on Tuesday. The latest newsletter details the ten most active areas in the country. Most of these suburbs continue to be in Gauteng but Milnerton (Parklands and Table View) also appear. Interestingly the Langenhoven Park suburb of Bloemfontein continues to appear being again number 2 on the list by order of homes sold during Dec 2009 to February 2010.
Bloemfontein continues to have a stable property market and is able to complete as an investment centre with any area in South Africa. There are virtually no vacancies in the city in all the residential categories and a very small vacancy factor in the commercial and industrial fields. Our residential sales department continues to be active with good demand for sensibly prices properties of all types. The biggest problem stopping the residential market from expanding is the very tight criteria being set by lending institutions. Despite the value of the properties being reached by the banks valuers, their criteria are preventing buyers from obtaining loans to finalise sales. There was a far bigger demand for property than the bonding situation allowed for. Even when buyers and sellers agreed on an acceptable selling price it was proving impossible in more than 50% of sales to find an institution willing to finance the sale by granting a mortgage bond. Although there were indications that the bond rate could be lowered by a further 5%. This would do little to simulate the market because of the restrictive loan policies that had been adopted by the lending institutions.
What was interesting about the SAPTG figures was that with the exception of Soweto's Protea Glen, Centurian's Midstream Estate, and Pretoria's Mooikloof Ridge, the average price range for the top suburbs was within a very small band (R815 000 to R1 143 000) which showed where the bulk of the current market was.
Top 10 suburbs are based on Total Number of Sales for the period December 1 2009 to February 28 2010. We review full title and sectional title properties collectively and exclude sales where purchase price is less than R100 000 or greater than R15m.
| PROVINCE | TOWN/AREA | SUBURB | SALES | TOTAL VALUE | AVG.VALUE |
| Western Cape | Milnerton | Parklands | 81 | R65,905,000 | R813,641 |
| Free State | Bleomfontein | Langenhoven Park | 79 | R67,132,000 | R849,772 |
| Gauteng | Soweto | Protea Glen | 67 | R16,776,500 | R250,395 |
| Gauteng | Centurion | Midstream Estate |
64 | R104,759,000 | R1,636,859 |
| Gauteng | Sandton | Douglasdale | 61 | R60,998,300 | R999,972 |
| Gauteng | Edenvale | Greenstone Hill | 60 | R59,035,400 | R983,923 |
| Gauteng | Roodepoort | Weltervrene Park | 60 | R52,291,000 | R871,516 |
| Western Cape | Milnerton | Table View | 60 | R68,592,000 | R1,143,200 |
| Gauteng | Alberton | Meyersdal | 58 | R64,306,480 | R1,108,732 |
| Gauteng | Pretoria | Mooikloof ridge | 52 | R34,276,700 | R659,167 |
Some very interesting statistics have been issued by the Knowledge Factory and their South African Property Transfer Guide on Tuesday. The latest newsletter details the ten most active areas in the country. Most of these suburbs continue to be in Gauteng but Milnerton (Parklands and Table View) also appear. Interestingly the Langenhoven Park suburb of Bloemfontein continues to appear being again number 2 on the list by order of homes sold during Dec 2009 to February 2010.
Bloemfontein continues to have a stable property market and is able to complete as an investment centre with any area in South Africa. There are virtually no vacancies in the city in all the residential categories and a very small vacancy factor in the commercial and industrial fields. Our residential sales department continues to be active with good demand for sensibly prices properties of all types. The biggest problem stopping the residential market from expanding is the very tight criteria being set by lending institutions. Despite the value of the properties being reached by the banks valuers, their criteria are preventing buyers from obtaining loans to finalise sales. There was a far bigger demand for property than the bonding situation allowed for. Even when buyers and sellers agreed on an acceptable selling price it was proving impossible in more than 50% of sales to find an institution willing to finance the sale by granting a mortgage bond. Although there were indications that the bond rate could be lowered by a further 5%. This would do little to simulate the market because of the restrictive loan policies that had been adopted by the lending institutions.
What was interesting about the SAPTG figures was that with the exception of Soweto's Protea Glen, Centurian's Midstream Estate, and Pretoria's Mooikloof Ridge, the average price range for the top suburbs was within a very small band (R815 000 to R1 143 000) which showed where the bulk of the current market was.
* data courtesy of Mike Spencer from Platinum Global
Posted by: Leapfrog Property Group
