If you’re interested in buying a home in the tranquil Karoo town of Graaff Reinet in the Eastern Cape, we have compiled this buyer’s guide for you.
Known as the “Gem of the Karoo” the tranquil town of Graaff Reinet is situated in the Eastern Cape and is known for its historic 19th-century architecture, vast open plains and warm friendly people. It is the fourth oldest town in South Africa and is named after its founder, Cornelius Jacob van de Graff and his wife Cornelia Reinet.
If you’re a history buff with an interest in beautiful old buildings you’ll love Graaff Reinet as the town has more than 200 buildings which are National Monuments. There’s no other town in South Africa with more heritage sites, so there is lots to be explored. The rural town is surrounded by several sheep and game farms and the Camdeboo National Park, which has an abundance of zebra, wildebeest, kudu, and springbok, as well as a range of bird species. Other leisure activities the town offers include birding, hiking, game viewing, trout fishing and township tours. Graaff Reinet also offers some of the best stargazing in the world.
According to Lightstone Property, in December 2018, Graaff Reinet has a total of 5 421 freehold properties that are not located within an estate, 17 freehold properties located within an estate, and 5 sectional title units that are not located within an estate.
If you’re wondering what the difference is between freehold and sectional title ownership, Adrian Goslett, RE/MAX Southern Africa’s CEO and Regional Director explained it as the following: “Freehold or full title describes the transfer of full ownership rights when you own a property, which includes the building and the land it is built on. These kinds of properties include free-standing houses, cluster houses, residential property used for business purposes, and smallholdings.”
“Sectional titles on the other hand, describe separate ownership of units or sections within a complex or development. When you buy into a sectional title complex, you purchase a section or sections and an undivided share of the common property. These are collectively known as units. Sectional title dwellings comprise mini subtype houses, semi-detached houses, townhouses, flats or apartments, and duet houses,” he added.
Graaff Reinet has a population of 24 542 adults. The town’s average household income ranges from R4,000 to R9,000, with the predominant LSM being LSM 4 to LSM7.
Age of property owners
In the stable owners segment, pensioners from the age of 65 or older own 47% of properties; mature people between the ages of 50 to 64 years own 33% of properties; the middle-aged from the age of 36 to 49 years own 18% of properties, while the youth who are between the ages of 18 to 35 have 2% of property ownership. Interestingly, it’s mostly the youth who have recently bought homes, for the period from December 2017 to November 2018, while pensioners have sold the most properties in the same period.
Period of home ownership
The Lightstone Property report indicated that for the period of December 2017 to November 2018, 76% of existing homeowners in Graaff Reinet had kept their homes for no less than 11 years; 4% had kept their homes for 8 to 10 years; 6% had been in their homes for 5 to 7 years and 14% had been in their homes for less than 5 years.
When it comes to recent property sellers in Graaff Reinet, in the same period 44% of home owners who sold their property had been in their homes for 11 or more years before selling; 9% had been in their homes for 8 to 10 years; 10% had kept their homes for 5 to 7 years, and 38% for less than 5 years.
The suburbs of Graaff Reinet include Adendorp, Kroonvale, Asherville, and Umasizakhe.
The median property price in 2018 was R890 000 for freehold property and R218 000 for vacant land. In 2017 it was R532 000 for freehold propetrty and R320 000 for vacant land, as indicated by the Lightstone Property report.
Experience what Graaff Reinet has to offer by browsing through the property listings on Private Property here.