It has been a busy 2018 for the residential property market in Clarens – with high interest in homes to buy and a new residential development just launched.
This is according to Pam Golding’s Odette Parris who said that, despite the recent popularity, the Eastern Free State town has a surprisingly stable property market.
“Indicative of the appeal of this country town is that nearly two-thirds (63%) of current home owners have owned their properties for 11 or more years – showing an unusually stable housing market,” she said – citing statistics provided by Lightstone.
“Over the past 12 months a small percentage of young adults or first-time buyers are also staking their claim in Clarens.”
The majority of Clarens’ housing stock comprises freehold homes (94.96%), with just 22.45% of stock (both freehold and sectional title), located within estates, added Sandra Gordon, Pam Golding Properties senior research analyst.
Gordon said that over the past 12 months (August 2017 to July 2018) a total of nine homes located in estates were sold in Clarens at an average price of R1.42 million.
A total of 32 freehold homes were sold at an average price of R1.44 million while 16 sectional title homes fetched an average price of R1.13 million. During this period a total of 34 vacant plots were sold – 16 in estates at an average price of R337,000 and 18 plots outside estates averaging at R371,000.
According to Gordon, the increasing property demand has led to the launch of a new sectional title development – Quillets.
“Enquiries for homes in Quillets are ongoing as there is a shortage of smaller, more compact homes, especially with the convenience and benefits afforded within a sectional title development. The previous most recent development, Paddocks, sold out off-plan in eight months,” she said.
“Many of our buyers are from Gauteng, those looking to acquire second and third homes which can be used for weekend getaways or leased out on a self-catering or long-term basis for income generation, as there is a tremendous shortage of accommodation to rent in Clarens.”