Morningside Property

Location

The neighbouring suburbs of Morningside are Land en Zeezicht, Natures Valley and Erinvale Golf Estate.

Property Market

The total extent of Morningside is about 42,5 ha. There are 294 own title properties in the Morningside suburb and none sectional title properties. The median land size is 1 023 sq.m. The median price obtained in 2010 for own title properties had been R1 817 500.

Between 2005 and 2009 104 own title properties (houses) were sold - i.e. an annual average of 21 houses. Own title sales volumes between 2009 (14 houses) and 2010 (14 houses) remain at the same levels. Sales volumes in 2010 were 33,3% below the annual average of 21 homes sold. Total sales in Morningside during 2010 has been R31,92 million whilst 2009 sales totaled R28,72 million.

The highest price achieved to date for an own title property in Morningside has been R5,7 million (2010). The lowest price obtained for an own title property during 2010 has been R1,1 million.

Morningside experienced a decrease in median prices achieved for own title property between 2009 and 2010 - decreasing from R1 859 997 million to R1 817 500 million (i.e. with 2.3%). The growth in average prices between 2005 (R1 856 818) and 2010 (R2 280 000) has been 22,8%. That is an annual growth rate of 4.56%. The negative growth in median prices between 2005 (R1 840 000) and 2010 (R1 817 500) has been 1,22% - i.e. a negative annual growth rate of 0,24%.

Sales statistics regarding the ratio of bonded vs cash sales in Morningside varied from 31,8% cash sales in 2005 to 50% (2009) and 50% cash sales in 2010. ABSA bank has with 29% the largest bond share in own title property in Morningside (Nedbank 21,7% / Standard Bank 23,2% / FNB 15,9%)