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Polokwane sells R1,1bn worth of property in 2016

seeff propertyThe Limpopo city of Polokwane’s property market breached the R1,1bn mark last year with more than 1,000 units sold (more than 83 homes sold per month).

According to Oliver Moorcroft, Seeff’s principal for the area, that activity for the last year was slightly up on 2015 and there is currently a shortage of properties priced below R1m.

“Unlike the mining towns of the northern regions, Polokwane is not reliant on mining for its economy,” said Moorcroft. “The city is therefore one of the few in the northern region provinces where average prices have continued growing, up about 6% year-on-year.

“It now boasts a median price for sectional title property of around R740,000, full title at around R1,25m and estates at around R1,45m. Top-end house prices easily reach R1,8m to R2,4m.”

Moorcroft said the lower end of the market saw the bulk of the activity, with R800,000 to R1,5m price range popular.

“An interesting trend is that younger people continue investing in property with the under 36-year, millennial age group comprising 35% of activity and the next age group up to 39 years comprising a further 46%,” he said. “That speaks volumes about the confidence in the market.”

Top photo: This commercial rights property is available now for R3,7m through Seeff Polokwane –> https://goo.gl/jPOZv2


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