Decline in St Francis Bay property market

As South Africans face tough economic conditions, the property market remains under pressure.

Listed property companies have not been spared and Growthpoint, a JSE Top 40 company and SA’s largest primary listed real estate investment trust (Reit), has seen its share price plummet to R 11.16 from a high of R 25.23.

In their latest report, Pam Golding in St Francis Bay said that according to the Deed’s Office “Lightstone Town Report” for St Francis Bay, the median house sale price in 2019 was R 2.1 million compared with R 2.31 million for 2018, a 10% drop (about 15% after inflation).

The volume of house sales was also down – 99 houses sold in 2019 compared to 119 in 2018 to, a drop of about 20%.

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“”These figures are not unexpected, given the difficult trading conditions we estate agents have experienced and are still experiencing.

The figures include St Francis Links, the Canals, the Village, and Santareme, but Cape St Francis is in a separate report, which also shows a 20% drop in the number of houses sold, but the median price held up better, although at a lower level, around R 1.7 million, said Richard Ardene from Pam Golding.

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