Westridge Property

Location

The neighbouring suburbs of Westidge are The Links, Briza and Somerset West Country Club.

Property Market

The total extent of Westridge is about 75,94 ha. There are 320 own title properties in the Somerset Ridge suburb and no sectional title properties. The median land size for own title property is 1 202 sq.m. The median price obtained in 2010 for own title properties had been R1 200 000.

Between 2005 and 2009 92 own title properties were sold in Westridge - i.e. an annual average of 18 houses. Own title sales volumes between 2009 (11 houses) and 2010 (7 houses) dropped by 18% on a year to year basis as owners opted not to sell their properties at below market values. Sales volumes for own title property in 2010 were 61% below the annual average of 18 homes sold in Westridge. Total sales for own title property in Westridge during 2010 has only been R7,979 million whilst 2009 total sales volumes has been R13,402 million - i.e. a drop of 40% on a year to year basis. Average sales volumes during the period 2005 to 2009 has been R21 480 593 - that is 62,9% lower than the annual total sales volumes between 2005 and 2009.

The two highest prices achieved to date for own title properties in Westridge has been R3,95 million (2008) and R3,45 million (2006). The lowest price obtained for an own title property during 2010 has been R325 000.

Westridge experienced a drop of 9,4% in median prices for own title property between 2009 and 2010 - decreasing from R1 325 000 to R1 200 000. The growth in median prices for own title property between 2005 (R1 022 500) and 2010 (R1 200 000) has been 17,4% - i.e. an annual growth rate of 3,5%.

There has been a low growth in the average prices of own title property in Westridge between 2005 (R1 070 375) and 2010 (R1 139 885) - i.e. only 6,5%. That is an annual growth rate of 1,3%.

Sales statistics regarding the ratio of bonded vs cash sales in Westridge varied from 25% cash sales in 2005 to 36,4% (2009) and 0% cash sales in 2010. ABSA bank has with 32,9% the largest bond share in own title property in Westridge (Nedbank 14,6% / Standard Bank 25,6% / 23,2 FNB %). 

• Residential Sale Property Ranging from R1,850,000 to R4,200,000