Buying a property

Housing data released in recent weeks by more than one residential property player suggest that the Free State is now the place for property investors to be, with Bloemfontein experiencing a particularly strong uptick in both sales volumes and values.

While Bloemfontein’s residential property market caters for a broad selection of home buyers – with the majority purchasing a home as a primary residence – there are several up and coming areas which are proving popular with young buyers.

Properties currently in demand tend to be full title houses in the price bracket from R800 000 to R1.2 million, as this is the more affordable price range.

There are several suburbs in Bloemfontein which are performing well. Properties in Langenhoven Park, and with statistics provided by Lightstone, are majority owned by buyers, approximtely 30 percent, between the ages of 18 and 35 years, with just over 50 percent of properties sold in the area priced between R800 000 and R1.5 million and with an average price of R1.033 million. Registration figures for the period January to May 2011 (inclusive) reflect a total of 87 units were sold. With a very high rental demand, this suburb is ideal for younger buyers as well as investors looking to buy to let.

In Universitas, a large, centrally located suburb close to all amenities such as schools, university, shopping centres and hospitals and with numerous student houses, properties are being bought by 38 percent of buyers who are in the age group from 36-49 years. For the same period as above 59 units were sold, with the majority in the same price bracket as Langenhoven Park and with an average selling price of R1.137 million.

Another trendy, new upmarket suburb which has high appeal for the more affluent set, is Woodland Hills Wildlife Estate, a very secure suburb with a good mix of properties with modern finishes, all in the higher price bracket. These properties include sectional title and full title homes, vacant erven and properties within a retirement village. During the same period reviewed a total of 67 units sold with a total value of R48. 072 million, however as a number of vacant plots are still in the process of being registered it is estimated that the average price bracket would be in the region of R2.2 million to R3.5 million.

An area which is experiencing good interest and selling mainly to buyers relocating from outside Bloemfontein, or to those who are upgrading, is properties in Dan Pienaar – an older northern suburb with spacious homes on large plots. During the first five months of the year this area saw 67 units exchange hands with the bulk of properties (55 percent) in the R800 000 to R1.5 million price bracket, and with an average selling price of R1.203 million. Here the majority of purchasers (30 percent) are between the ages of 50 and 64 years,” he says.

Property sales in Fichardtpark is doing relatively well with a total of 45 properties – with a total market value of R44.3 million – transferred for the calendar year to date (2011) – are. The majority (45 percent) of recent buyers being between the ages of 36 and 49, this area is experiencing a steady demand, with the majority of property (87 percent) in the price bracket from R800 000 to R1.5 million. Factors influencing buyers to purchase in Fichardtpark include the access to schools such as Fichardtpark High School and Primary School, and close proximity to Jim Fouche High School, as well as the Rosepark Life Hospital and a shopping complex.”

Properties in Arboretum, one of the smaller, more exclusive suburbs in Bloemfontein with only 20 full title and 101 sectional title properties, have appeal for home buyers due to the area’s location close to the Oranje Meisieskool. With a few offices in the suburb, mainly occupied by some well known legal firms and brokers as well as Vodacom and a bond originator, this area has appeal for those willing to pay a premium for the location. One such development is The Boulders, a very upmarket complex with very modern features and finishes, which is sought after among young, dynamic professionals and other successful business people.

With our team of Property Specialists and the properties that we have listed we are able to show you the properties that will fit your criteria and requirements. The success of our Property Specialists is their ability to match buyers with properties and our sales in the past are proof of our success in achieving this.

When navigating the purchase of a property it is critical to have a property specialist involved in the process to ensure that the negotiations are successfully concluded and that all the necessary statutory requirements are complied with. At Engel & Völkers you are ensured of our professional and trusted approach throughout the purchase process.

You only live once – Let us show you where

Posted in Uncategorized.


Array
(
)