Land en Zeezicht

Location

The neighbouring suburbs of Land en Zeezicht are Morningside, Natures Valley and Roundhay.

Property Market

The total extent of Land en Zeezicht is 33 ha. There are 208 own title properties in the Land en Zeezicht suburb and only 2 sectional title properties. The median land size is 1007 sq.m. and the median price obtained in 2010 for own title properties had been R1 737 500.

Between 2005 and 2009 65 own title properties (houses) were sold - i.e. an annual average of 13 homes. There has been a drop in sales volumes during 2010 - as only 4 homes (own title) were sold in 2010. That is a decrease of 69 % in sales of own title properties in Land en Zeezicht during 2010 as sellers chose to await an improvement in market conditions before marketing their properties. Total sales in Land en Zeezicht during 2010 has been R7,275 million whilst 2009 sales totaled R22,23 million.

The highest price achieved to date for an own title property in Land en Zeezicht has been R3,5 million (2008). The lowest price for an own title property obtained during 2010 has been R1,4 million.

Land en Zeezicht experienced a slight increase in median prices achieved for own title property between 2009 and 2010 - increasing from R1,7m to R1,737m (i.e. with 2%). The growth in average prices between 2005 (R925 000) and 2010 (R1 818 750) has been with 96,6% the highest growth achieved of all the suburbs in Somerset West - i.e. an annual growth rate of 19,32%. The growth in median prices between 2005 (R900 000) and 2010 (R1 737 500) has been 93% - i.e. an annual growth rate of 18,6%.

Sales statistics regarding the ratio of bonded vs cash sales in Land en Zeezicht varied from 16,6% cash sales in 2005 to 77% (2009) and 20% cash sales in 2010. ABSA bank has with 54,3% the largest bond share in own title property in Land en Zeezicht (Nedbank 15,2% / Standard Bank 10,9% / FNB 15,2%). 

• Residential Sale Property Ranging from R1,600,000 to R1,600,000