Property Sales are Holding Their Own in Bloem

Private Property South Africa
Lea Jacobs

Living in a city in the middle of the Free State may not be everyone’s dream, but in actual fact, the beautiful city of Bloemfontein has a lot to offer in terms of lifestyle and culture.

Renowned for its abundance of highly regarded schools, the city is also home to the University of the Free State and infamous for its extremely cold winter climate and scorching hot summers. Situated on the edge of the Karoo deep in the heart of the Free State, the city has a rich history that is reflected in some of the remaining colonial architecture that once dominated the landscape.

Before 1994, the city was regarded as the sole judicial capital of the country and is still home to the Supreme Court of Appeal. It is also recognised as the birthplace of the African National Congress. Formed in 1912 and initially called the South African Native National Congress, the party changed its name to the African National Congress in 1923. The city played host to the party’s centenary celebrations at the beginning of this year, hosting some 100 000 dignitaries and their affiliates.

Statistics released by Lightstone reveal that there have been 62 transfers in the middle class suburb of Fauna over the past 12 months. Market stock in this particular suburb comprises 82 percent freehold property and just under 18 percent sectional title property.

In 2011, this affordable suburb, which falls within the Mangaung municipal district, garnered price averages of R723 000 for freehold property and R535 000 for sectional title property. The stats remain fairly positive and so far this year, 25 transfers in both the freehold and sectional title sectors have been recorded. Although the number of properties sold in the area has dropped since 2006, the average price attained for a freehold property depicts a steady upward trend. However, the price average achieved for a sectional title unit has dropped to around the R495 000 mark.

The demand for property in some of the more up-market suburbs situated close to a number of good schools has increased quite significantly and 147 transfers have been concluded in Dan Pienaar in the last 12 months. The price average for freehold property came in at a healthy R1.393-million while the sectional title average hovered around the R1.1-million mark. Market stock comprises 60.61 percent freehold property and 39.39 percent sectional title property.

The picture looks just as bright this year and so far 49 transfers have taken place, with the average freehold price coming in at R1.546-million and the sectional title average commanding an average R1.164-million price tag.

In terms of market activity in this popular area, the stats reveal that there has been a steady upward trend in sales numbers since 2008, when there were 137 sales concluded. In 2011, the total Rand turnover of property sold in Dan Pienaar came in at an impressive R223-million.

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