Those who are considering the purchase of property in the Eastern Cape town of Cradock should find out a bit more about the town, from its location to its property-related statistics.
Part of the Inxuba Yethemba Local Municipality, itself located within the province’s Chris Hani District Municipality, the Eastern Cape-based town of Cradock, known by many as the capital of the Karoo heartland, is a wonderful place for aspiring homeowners to purchase property. Not only is it filled with that charming ambience that is so often found in small towns, but it boasts cultural importance and beautiful landscapes.
Cradock is the site of a house once inhabited by South African literary great, Olive Schreiner, whose final resting place sits atop nearby Buffelskop, and the town is situated in the upper valley of the Great Fish River, neighbouring various havens of natural splendour, including Mountain Zebra National Park, Commando Drift Nature Reserve and Tsolwana Nature Reserve.
If this has enticed you, then take a look at the following important information, drawn from various statistics pertaining to demographics and property trends within Cradock. These statistics were compiled for a town report by Lightstone Property.
Cradock Property Information
As of the date of the report, 11 December 2018, Cradock boasts a total of 8,218 freehold properties, 21 of which are located within an estate, and 37 sectional title units, none of which is located within an estate.
If anyone is confused about the difference between freehold ownership and sectional title ownership, then Upton Properties offers a perfect summary. It describes freehold ownership as “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.”
Upton Properties then defines sectional title ownership as “[the] 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 include detached houses, townhouses, flats or apartments.” Regarding properties located within gated communities, they can be held under either one of these two kinds of ownership.
If you’re wondering which of these living options is better, note that there a significant benefits to both. Freehold ownership gives you more independence, as you won’t ever have to answer to a body corporate, while a sectional title property means living that is more affordable, more communal, and, as a result of this second benefit, safer.
Those looking to buy property in Cradock should take note of sale and property transfer trends within the town over the past few years. Lightstone’s 2018 report on Cradock divided property transfers into two categories: first-time registrations and repeat sales.
First-time registrations between December 2017 and November 2018:
- Three developed freehold properties were sold in Cradock. Their combined value came to R313 000, the average value being R104 000.
Repeat sales between December 2017 and November 2018:
One developed estate-based property was sold for R280 000
37 developed freehold properties were sold for a collective value of R23 711 000, making the average amount a total of R641 000. Twelve of these properties were between R0 and R400 000, 13 were between R400 000 and R800 000, and the remaining 12 were between R800 000 and R1 500 000.
Four sectional scheme titled properties were sold in Cradock, their combined value coming to R2 455 000, making the average value R614 000. One was between R0 and R400 000, two between R400 000 and R800 000, and the last between R800 000 and R1 500 000.
Seven freehold plots were also sold, their combined value coming to R 2 400 000, the average being R343 000. Three were valued between R0 and R400 000, and four between R400 000 and R800 000
Growth and Activity Statistics
These are statistics pertaining to the median prices and number of registrations of properties in Cradock in 2018.
- Sectional scheme titled properties: R610 000 (this figure has grown incrementally since 2016)
- Freehold properties: R590 000 (a slightly lower figure than 2017 but considerably higher than 2016)
- Vacant land: R330 000 (an increase from 2017’s statistics)
Number of Registrations
- Sectional scheme titled properties: 4
- Freehold properties: 40
- Vacant land: 8
Sales in Execution
There are no sales in execution recorded for 2018, though four took place in 2017.
According to Lightstone Property’s report, and with regards to freeheld properties, in a list of eight Eastern Cape towns that include Cradock and others surrounding it, Cradock ranks third in terms of median property valuation with a total of R110 000.
With regards to sectional scheme properties, Cradock ranks 213th out of 315 towns, with a median property valuation of R560 000.
Keep this data in mind when you’re looking for property in Cradock. Hopefully, you’ll find something that suits your taste within the correct price range.