Residential Property Market Report - Wellington - 20,5% annual increase in sales
Wellington, located in the heart of the Boland and the Cape Winelands, is a town celebrated for its rich agricultural heritage and scenic beauty. Its property market presents a diverse range of options, from historical homes and large agricultural holdings to modern security estates and more affordable community-focused areas. The town's strategic location, close to Paarl and Cape Town, adds to its appeal for a variety of buyers, including those commuting to larger urban centres.
The residential property market in Wellington comprises approximately 10 564 properties, according to CMAinfo. This includes 9 586 own-title houses, 598 sectional title units, and 380 vacant land erven. The town's continuous development and its reputation for a relaxed, small-town lifestyle contribute to a vibrant and active property market.
A comparison of 2023 and 2024 data highlights a notable increase in market activity within the Wellington residential property sector. The total number of registered sales increased from 278 in 2023 to 335 in 2024, representing a 20,50% increase in sales volume. The total Rand value of these transactions also grew significantly, from R440 159 356 in 2023 to R520 122 415 in 2024. This translates to a 18,17% increase in the total market Rand value.
On a monthly basis, Wellington recorded an average of about 23 property sales (valued at R36,68 million) in 2023, which increased to approximately 28 properties (valued at R43,34 million) per month in 2024. The data reveals a wide price range across the market, from high-value properties in The Diemersfontein Village to more accessible options in areas like Wellington SP1 and Van Wyks Vlei.
1. Wellington Market Segment Analysis: Own Title, Sectional Title, and Vacant Land Sales
1.1 Own Title Market (Houses):
The own-title market, which makes up most of the housing stock, experienced a slight decrease in sales volume but a strong increase in total transaction value.
- In 2023, 240 houses were sold for a total value of R375 050 036.
- In 2024, 222 houses were sold for a total value of R421 006 396.
This marks a 7,5% decrease in the number of sales but a 12,25% increase in total Rand value for this segment. The average price per own-title house in Wellington saw a substantial 21,35% increase, from R1 562 708 in 2023 to R1 896 425 in 2024. This trend suggests strong value appreciation, with fewer but more valuable properties being sold.
Notable Own Title Sales (2024):
- Highest Sale Price: R10 500 000 for a property at The Diemersfontein Village (Erf size: 1,700 m²).
- Lowest Sale Price: R18 592 for a property at 41 Impala Road, Van Wyks Vlei (Erf size: 334 m²).
Sales per Wellington Suburb (2024) - Own Title (Houses)
The own-title property market in Wellington showed diverse performance across its suburbs in 2024. Here is a breakdown by average sales price, ranked from highest to lowest:
- The Diemersfontein Village: 4 sales totalling R19 195 000, with an average price of R4 798 750 per unit.
- Onverwacht: 9 sales totalling R24 905 000, with an average price of R2 767 222 per unit.
- Wellington North: 71 sales totalling R166 292 804, with an average price of R2 342 152 per unit.
- Wellington East: 14 sales totalling R31 755 000, with an average price of R2 268 214 per unit.
- Berg-En-Dal: 38 sales totalling R84 629 000, with an average price of R2 227 079 per unit.
- Wellington West: 9 sales totalling R16 500 000, with an average price of R1 833 333 per unit.
- Wellington Central: 28 sales totalling R39 286 000, with an average price of R1 403 071 per unit.
- Newtown: 14 sales totalling R15 575 000, with an average price of R1 112 500 per unit.
- Hillcrest: 10 sales totalling R7 390 000, with an average price of R739 000 per unit.
- Newtown-Wes: 4 sales totalling R2 954 000, with an average price of R738 500 per unit.
- Van Wyks Vlei: 17 sales totalling R11 296 592, with an average price of R664 505 per unit.
- Wellington SP1: 4 sales totalling R1 228 000, with an average price of R307 000 per unit.
1.2 Wellington Sectional Title (Apartments) Sales:
The sectional title market experienced a significant increase in both sales volume and total transaction value in 2024.
- In 2023, 11 units were sold for a total value of R33 773 820.
- In 2024, 45 units were sold for a total value of R40 270 000.
This indicates a 309% increase in the number of sales and a 19,22% increase in total Rand value for this segment. The average price per sectional title unit in Wellington saw a 70,74% decrease, from R3 070 347 in 2023 to R894 889 in 2024. This trend suggests a strong shift towards the sale of a much larger number of lower-priced units.
Sales per Wellington Suburb (2024) - Sectional Title Units:
- Wellington Central: 16 sales totalling R19 905 000, with an average price of R1 244 063 per unit.
- Wellington North: 28 sales totalling R20 065 000, with an average price of R716 607 per unit.
- Vlakkeland: 1 sale for R300,000, with an average price of R300 000 per unit.
1.3 Wellington Vacant Land (Plots) Sales:
The vacant land market saw a substantial increase in both sales volume and total transaction value in 2024.
- In 2023, 27 vacant land plots were registered for a total value of R31 335 500.
- In 2024, 68 vacant land plots were registered for a total value of R58 846 019.
This indicates a 151,85% increase in the number of sales and an 87,8% increase in total Rand value. The average price per vacant land plot in Wellington saw a 25,21% decrease, from R1 160 574 in 2023 to R865 383 in 2024. This suggests a significant increase in the sale of vacant land, likely at more affordable price points.
Sales per Wellington Suburb (2024) - Vacant Land Plots:
- The Diemersfontein Village: 1 sale for R2 350 000.
- Wellington East: 1 sale for R1 380 000.
- Wellington North: 8 sales totalling R10 800 000, with an average price of R1 350 000 per unit.
- Wellington Central: 7 sales totalling R6 807 000, with an average price of R972 429 per unit.
- Wellington West: 11 sales totalling R8 400 000, with an average price of R763 636 per unit.
- Berg-En-Dal: 39 sales totalling R28 945 550, with an average price of R742 194 per unit.
- Wellington SP1: 1 sale for R163 469.
Conclusion
The Wellington residential property market demonstrated a positive and dynamic trajectory in 2024 compared to 2023, with significant increases in overall sales volume and total market value. The own-title housing segment, while seeing a decrease in the number of transactions, experienced substantial value appreciation. Both the sectional title and vacant land segments saw a dramatic increase in sales volume, indicating a high demand for more affordable housing and plots in the area. This suggests that Wellington is attracting a broad spectrum of buyers, from those seeking high-value homes to those looking for entry-level opportunities.
The town's unique blend of agricultural charm, a growing number of security estates, and its close proximity to major Winelands towns and Cape Town, continue to underpin its appeal as a premier residential and investment destination. The market's resilience and growth in a challenging economic climate reflect its status as a highly sought-after location for both permanent residents and investors.
For a comprehensive analysis of the Wellington property market, please contact our local Cape Winelands residential estate agents for a more in-depth discussion about your specific property needs.