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Spotlight on Somerset West

Spotlight on Somerset West

This provides a current snapshot of the Somerset West residential property market.

Demand indicator metrics

  • Sale listings: Properties listed for sale in Somerset West comprise approximately 17% of the total sale listings in the Boland. Approximately 23% of the interest (views) in properties for sale in the Boland is attributable to properties for sale in Somerset West.
  • Rental listings: Properties listed for rent in Somerset West comprise approximately 29% of the total rental listings in the Boland. Approximately 26% of the interest (views) in properties for rent in the Boland is attributable to properties for rent in Somerset West.

 

Property types

  • Sale listings: A typical property for sale is a three-bedroom house, currently with a median asking price of R2 993 000.
  • Rental listings: A typical property for rent is a three-bedroom house, currently with a monthly median asking price of R19 000.

 

Median asking prices

  • Sale listings: The median asking prices  for residential property are R1.2 million for  a complex, R3.73 million for a house and  R760 000 for a flat/apartment.
  • Rental listings: The median asking prices for residential property are R9 000 for a complex, R19 800 for a house and R10 000 for a flat/apartment.

 

Currently, the total value of residential properties listed on Private Property in the area is:

  • Sales: R2 994 460 000
  • Rental: R828 300

 

Buying vs renting

The monthly bond repayment to purchase  a typical property, namely a three-bedroom house, with the median asking price of  R2 993 000 is R29 882 per month over  20 years at prime of 10.5% with no deposit.  The medial asking rental for a three-bedroom house is R19 000 per month.

These findings used current market data for the period 1 March to 31 March 2016.

Statistics provided by Private Property.

 

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