Somerset Ridge Property

Location

The neighbouring suburbs of Somerset Ridge are The Links, Westridge,  Somerset West Business Park and Schonenberg.

Property Market

The total extent of Somerset Ridge is about 44,11 ha. There are 734 own title properties (99%) in the Somerset Ridge suburb and 8 sectional title properties (1%). The median land size for own title property is 295 sq.m. The median price obtained in 2010 for own title properties had been R1 067 750.

Between 2005 and 2009 400 own title properties and 6 sectional title property were sold in Somerset Ridge - i.e. an annual average of 80 own title properties and 1 sectional title property. Own title sales volumes between 2009 (48 houses) and 2010 (34 houses) dropped by 29% as owners opted not to sell their properties at below market values. Sales volumes for own title property in 2010 were 57,5% below the annual average of 80 homes sold. Total sales for own title property in Somerset Ridge during 2010 has been R38,303 million whilst 2009 sales totaled R45,185 million - i.e. a drop of 15,2%.

The two highest prices achieved to date for own title properties in Somerset Ridge has been R2,12 million (2010) and R1,95 million (2009) and for sectional title properties R850 000 (2010). The lowest price obtained for an own title property during 2010 has been R401 000 and in 2008 for sectional title property R850 000 (no sales in 2009 and 2010).

Somerset Ridge experienced a 18,7% growth in median prices for own title property between 2009 and 2010 - increasing from R899 500 to R1 067 750. The growth in median prices for sectional title property between 2005 (R1 100 000) and 2008 (R1 325 000) has been % - i.e. an annual growth rate of %. The growth in median prices for own title property between 2005 (R670 500) and 2010 (R1 067 750) has been 59,25% - i.e. an annual growth rate of 11,85%.

There has been virtually no growth in average prices of own title property in Roundhay between 2005 (R1 255 650) and 2010 (R1 265 416) - i.e. only 0,8%. That is an annual growth rate of 0,16%. The growth in average prices for sectional title property between 2005 (R798 000) and 2010 (R977 272) has been 22,46% - i.e. an annual growth rate of 4.49%.

Sales statistics regarding the ratio of bonded vs cash sales in Roundhay varied from 36,8% cash sales in 2005 to 52,4% (2009) and 17,4% cash sales in 2010. ABSA bank has with 44,9% the largest bond share in own title property in Roundhay (Nedbank 15% / Standard Bank 26,2% / FNB 6,5%).

• Residential Sale Property Ranging from R1,295,000 to R1,950,000