This is according to Droeks Malan, Seeff’s agent for Welgevonden estate, who attributed the growth in part to an influx of new buyers from Gauteng and KwaZulu-Natal.
During the post-2007/08 recession period, prices rose annually by only 4% to 7% on average.
Malan said the average loan-to-value ratio in the estate is 82.5%, slightly worse compared to 2015 when it was 85%.
Some 52 houses sold in 2016, largely due to low stock levels, to the combined value of R114,861,000 at an average selling price of just more than R2,2m.
During 2015, 61 houses sold to the total value of R117,214,850 and at an average selling price of R1,921,540.
Malan said the average gap between the asking and selling price was 3% and properties spent 27 days on average on the market, with 60% of all sales above the R2m price band.