select
|

No decline for Graaff-Reinet property market

While many country towns are in decline as residents relocate to bigger centres for economic reasons, Seeff Country managing director, Ian Badenhorst says that the Karoo town of Graaff-Reinet is bucking this trend.

Business is growing as is the town's resident population as retirees and those looking for a quiet country environment increasingly relocate here.

Sales volumes in the town has grown steadily year-on-year since the economic slump to about 82 property sales last year. This year, 60 units have already sold amidst rising demand from out of town buyers and for agricultural properties. In 2007, the average house price was just R349,000, today it is around R655,000, but homes are selling for up to R1,45 million he says.
Located about two and half hour's drive from Port Elizabeth, this regional capital of the Karoo lies on the banks of the Sunday's River and is surrounded by the beautiful Camdeboo National Park. It serves a large agricultural community known for its production of fine mohair, stud cattle and sheep. It boasts good infrastructure with superb schools, medical and religious conveniences, sporting and recreational facilities and a strong sense of community. Many high caliber leaders and business men such as GT Ferreira, Dr Anton Rupert, Beyers Naude, Robert Sobukwe, JLB Smith and more hail from this town.

As the fourth oldest town in the country, it boasts a wonderful selection of heritage architecture that range from Cape Dutch to Victorian and Georgian say agents Andrew and Lynette McNaughton. Aside from more than 220 heritage sites, the town also still boasts a selection of heritage homes such as a renovated three bedroomed Karoo cottage with original yellow wood finishes, a flatlet and swimming pool for just under R1 million.

While tourism, business and retail facilities (such as Spar which is building a second outlet) are growing, there is a strong focus on preserving the architectural heritage. For example, Shoprite has just opened a new enlarged shop, but the building design has retained the old Cleghorn and Harris facade in Caledon Street.

In addition to an increase in older buyers looking for retirement homes, the agents say that artists, writers and even IT professionals looking to escape to a quiet town, but with modern facilities are now relocating here. The nearby villages of Nieu Bethesda and especially Aberdeen are also popular choices.

Despite the growth, property prices remain very affordable. Houses are currently selling for between R600,000 and R1,5 million, although there has been a few sales of up to R2,5 million, advise the agents. Of the 25 properties sold by Seeff in the town in just over a year, close to 40% were to out of town buyers including homes that recently sold for R1,2 million and R1,45 million. There is also good interest in agricultural properties. Farms are selling for between R3,802/ha (R18,4 million for 4,839ha) and R3,994/ha (R16,55 million for 4,143ha recently sold).


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 18 Jun 2018
      Many home sellers are motivated to appoint estate agents because they know that the agency will carry the costs of advertising and marketing their property.
    • 18 Jun 2018
      When a property is sold when it has a tenant in occupation, the questions often raised are: “What happens to the tenant if the landlord sells the property?”, and what rights the tenant will have with regards to cancelling the lease or enforcing it, says Sunell Afrika, rentals manager for SAProperty.com.
    • 18 Jun 2018
      Sellers are often caught off-guard by the expenses incurred in the selling of a property. Just like there is no such thing as a free lunch, there is also no such thing as selling your property without incurring at least some costs.
    • 15 Jun 2018
      The second quarter of 2018 has proven to be the turning point for Midrand’s real estate market, especially the upper end which started to waver towards the end of a tumultuous 2017 with a notable drop in both sales and average selling prices.
    • 15 Jun 2018
      According to data recently released by FNB, the average age of a South African home buyer has increased from 38 to 44 this year. In an attempt to help first-time buyers enter the market sooner, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, walks us through the steps of saving for your first home.
    • 15 Jun 2018
      Putting your house on the market can be a stressful process. There are so many decisions to make that will impact how quickly your house is sold and for how much you can sell it for. It’s a serious money game where you can’t afford to make the wrong decision.
    • 14 Jun 2018
      The word tourist describes someone who is visiting South Africa for a limited time and is probably not going to buy a property here – so why is the tourism industry so important to the real estate sector?
    • 14 Jun 2018
      Serengeti Estates has entrenched its status as one of Johannesburg’s most desirable addresses for a spectrum of homeowners with its launch of The Signature Residences, a new cluster village.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK