select
|

RE/MAX Suburb Trend Report – Bloemfontein

Poetically known as the ‘city of roses’ due to the abundance of the flower in the area, Bloemfontein was officially founded in 1846, and was originally used as a fort for the British army.

Area history

Poetically known as the ‘city of roses’ due to the abundance of the flower in the area, Bloemfontein was officially founded in 1846, and was originally used as a fort for the British army. Today it is the capital city of the Free State Province and is the judicial capital of the nation. It is one of three national capitals, with Cape Town as the legislative capital, and Pretoria, the administrative capital.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that properties in Bloemfontein offer value for money, and the spread of homes in different price categories caters to a wide range of buyers. He notes that the most expensive homes are naturally located in the prime areas and include a mix of older and more recently built homes.

Typically these homes usually include four bedrooms, a minimum of two bathrooms with separate guest toilet, a study, TV room, separate lounge and dining room. Goslett says that other features include a double garage with automated doors, a swimming pool, lapa, patio and a braai area and most of the homes feature upgraded kitchens and bathrooms. Selling between approximately R1,4m and R6m, these top-of-the-range homes often include a one- or two-bedroom granny flat, additional parking in the form of carports and excellent security features. In this price range, stand sizes measure anywhere between 1800m2 and 4000m2. It is estimated that the buyer split in this category is made up of 45% of buyers who are upgrading and 55% of buyers who were previously disadvantaged.

According to Goslett, entry-level homes, dependent on the area, would generally cost between approximately R600 000 and R725 000 and would usually consist of a two- or three-bedroom home with single bathroom, single garage, lounge / dining room.  He notes that buyers of middle-of-the-range homes are predominantly upgrading and make up approximately 40% of this market, while the other 60% of purchasers in this segment of the market are previously disadvantaged buyers. Here, homes would generally be set on stands measuring between 950m2 and 1500m2 and would feature three bedrooms, two bathrooms, a single or double garage and a swimming pool. These homes range in price from approximately R850 000 to R1 050 000.

Goslett says that there have been a few emerging trends in the Bloemfontein property market such as renovations, the erection of flatlets or second residences on stands and subdivisions.

According to Lightstone a property statistics and information provider, as many as 52.94% of recent buyers to the area are between the ages of 18 and 35 years old, while largest percentage of recent sellers are between 50 and 64 years old with the 65 years and older demographic following closely behind. This points to the fact that the average age of homeowners in the region is getting progressively younger. Currently, the property available in the area is made up of 91.26% sectional title units, while only 8.74% are freestanding homes.

Property price trends





Demand for property

Since the recession period, the property market in Bloemfontein has shown remarkable improvement and is expected to remain on its upward trend. According to Goslett, demand for sectional-title property in Bloemfontein has consistently proved to be relatively strong, however many buyers are still struggling to meet lending criteria and show the necessary affordability levels required for finance approval, much like other regions in the country.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
        
    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