Wittedrift Market Review 2017-06-27
The Wittedrift market strengthened considerably as 11 properties transferred for an average of R975,000 each in 2016. These are all time highs for both average price and total value, but the number of sales is still considerably lower than the high of 25 in 2002.
It is a small market where there are usually only a few houses for sale. Prices appear to be steadily increasing, and have now exceeded the peak of the market in 2007 and 2008 when it was R950,000 on average.
The highest price to date is R1,64million for a house in Hoof Road in 2008. The highest sale in 2016 was R1,550,000 for a home in Rotterdam Street. It was previously rare for houses to sell for over R1million, but 5 houses sold for more than this in 2016.
There are currently at least 2 dwellings for sale in Wittedrift with asking prices of R1,295,000 to R1,495,000, 2 apartments, with asking prices start from R595, 000 (to R2,35m for an 8-bedroom apartment), 4 plots ranging from R290,000 to R390,000, and 1 commercial property for R1,32million.
Wittedrift appears to be following national trends in terms of growth and decline. Wittedrift has historically been a more affordable “satellite suburb” of Plettenberg Bay.
There are not enough sales in Wittedrift to make the historical analysis statistically significant, but an indication of rough trends can be gauged. The figures above were taken from Lightstone on the 27th of June 2017. Sales below R100 000 are not included in the graphs, and duplications have been removed (e.g. when a developer buys numerous properties for a single price and each is listed at the full price, only the single figure is taken). An attempt has been made to exclude any transactions that are not “arm’s-length” (e.g. sold to a family member). Figures were drawn by transfer date, not date of sale.
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