Top 11 Property Categories for 2011
Lightstone, the well known property valuator, made the following interesting information available last week:
Top 11 Property Categories for 2011
With the New Year upon us, we decided to take a moment to reflect on the year that was and compile a list of the
Top 11 Property Categories for 2011. Our objective being to determine best performers in terms of annual growth in average value for 11 different property categories. And the winners are …
1 – Top Province
Our monthly House Price Indices consistently reported Eastern Cape as the leading province in 2011 and our recent survey confirms this. Eastern Cape property appreciated by 9% over the year period, increasing from an average of R550 000 to R600 000.
2 – Top Municipality
The historic Karoo municipality of Prince Albert steamed to first place for top municipality, with a 237% year on year annual growth in average property price. Values escalated from R175 000 in 2010 to R590 000 for the same period in 2011. Whilst it is not obviously evident which particular areas or drivers contributed to this substantial growth, this is typically seen where residential developments transfer to second buyers after building has taken place.
3 – Top Inland Town
The peaceful West Coast gem of Vredenburg claimed the title top inland town with a rise in average value from R324 000 in 2010 to R560 000 in 2011, effectively 73% year on year appreciation. It is believed that – once again – residential developments backed by growing commercial appeal – is the strongest catalyst of this growth.
4 – Top Coastal Town
Kenton-on-Sea, a seaside retreat on the Sunshine Coast in the Eastern Cape, saw the average property value increase by 50% from 2010’s R1 million to R1.5 million in 2011. Kenton-on-Sea boasts many pristine beaches and its popularity as an eco-tourist’s paradise (its permanent population of about 1000 balloons to nearly triple that over the December holiday period) is more than likely a strong factor in progressive property value growth in the area.
5 – Top Residential Suburb
The Johannesburg North suburb of Broadacres came out trumps as the top residential suburb with a jump in average value from R930 000 in 2010 to R1 790 000 in 2011, a 92 % increase. This appreciation can be mainly contributed to the extensive development in the area recently and more than likely driven by previously vacant stands being developed and sold.
6 – Top Luxury Investment Suburb
The prestigious De Zalze Golf Estate in Stellenbosch, Western Cape owns this crown with an average 7 year yield of 242%. Not surprising this tranquil estate proves .........................
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