Bucking the national trend, the residential property market in Graaff-Reinet is buoyant, with a sustained demand particularly for high end properties.
Encircled by the Sundays River and Camdeboo National Park, the town has its own airport, good schools, services, infrastructure, medical facilities and commercial activity as well as a lively community which caters for a diverse investor profile which includes young couples and families, retirees and businessmen. It is also home to more national monuments that any other town in South Africa.
Wayne Rubidge, Karoo area principal for Pam Golding Properties (PGP), says artisans, contractors and other property related service providers are booked up months in advance, with numerous renovations of older homes and construction of new homes under way.
"This town is attracting investors and new residents from all over the country as well as from Europe. Of particular interest is the growing number of new property owners from the Garden Route who say Graaff-Reinet has a fantastic climate, is safe and less congested. This is coupled with a steady flow of city dwellers.
"Unlike some areas, the house price growth has made little dent in real estate activity. This despite its character Karoo 'huisies' - small two or three bedroom houses with yellowwood ceilings and floors - selling for upwards of R550k. Buyers are generally ready to spend anything up to R1,5m on a home in Graaff-Reinet. At the top end of the market, demand for exclusive homes is very strong with houses selling upwards of R2m," he says.
Smallholdings are also experiencing a good demand, starting at around R1m for at least a two hectare property, to over R2m for larger properties.
"The combination of traditional sheep and livestock farming and the new game, wildlife and leisure land practices is fuelling the growth of associated industries and in doing so the town and region's economy. This has positive spin-offs for the property market and a new term commonly heard is that of an 'investment getaway' - frequently used in describing homes in the R1m to R2m price brackets.
"Often such homes are of a modern design, for example a four bedroom house with swimming pool and double garage, or a lock-up-and-go historical cottage. There is still value to be had with historical homes still affordable under R1m," says Rubidge.
He says there's also a rising demand from the town's up and coming middle class who tend to work in provincial, police and hospital posts. They are finding best value for money in suburbs such as Spandauville, where homes are newer and priced from R500k upwards.
Outlying suburbs such as Adendorp and Berg-en-dal are also gaining in popularity, where the more basic architecture of homes is compensated for by scenic mountain views, spacious erven and solid bricks and mortar value.
A gentleman's estate incorporating a circa 1806 homestead, coach house and 7 hectares of farmland (5 hectares under irrigation) of the original farm De Erf, just 3km outside Graaff-Reinet near the country club and golf course, has now come on to the market. The homestead is an H-shaped Cape Dutch house.
The estate is complete with a blacksmith's shop which is now a guest cottage with two en suite rooms, as well as two swimming pools, garages and an old dairy that has been converted to a upmarket bistro that seats 12 and has a wood fire oven. The antiquity of the manor house and its original yellowwood, stinkwood and Oregon floors, ceilings and doors is complemented by modern luxuries such as air conditioning. The property has an abundance of borehole water. The price is only available on application.
Another historic property currently on the market in the town is a large home built in 1823 in the Karoo vernacular style and situated on 5,652sq m of land. Priced at R3,3m, the home retains all the original trimmings such as yellowwood floors, reed ceilings, sash windows, stained glass doors and fireplaces.
The property has a borehole and numerous fruit trees and can best be described as a smallholding located in the heart of the town's prime residential area.
Image 1: This historic home set on 5,652sq m in Graaff-Reinet is marketed at R3,3m.
Image 2: This home in Graaff Reinet is marketed at R3m.
Image 3: This historic gentleman's estate's price is only available on application.
For more information contact Wayne Rubidge on 082 432 9364 or send an email.
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