Springs is one of the industrial centres of the Witwatersrand and also Gauteng’s ‘Eastern Gateway’ to Mpumalanga and northern KwaZulu-Natal. Mining is not as predominant as it once was here, and has been replaced by manufacturing and engineering industries, and products of the region include processed metals, chemicals, paper, and foodstuffs.
The property market has shifted, with the older residents now selling up to downscale - many of whom possibly moved here when the mining industry was strong, to be closer to work. These homes that are coming on the market now are larger than the newer homes built today, and while they might need a bit of modernising, for example perhaps adding a second bathroom, the space is what the new buyers are looking for, says Primrose Museta, SAProperty.com agent.
Museta adds that it may surprise many that Springs has the second largest collection of small-scale Art Deco buildings in the world, after Miami in Florida, in the USA.
The older homes in Springs tend to be solidly built, many in face brick, and exhibit older styles of architecture, with large rooms and covered front porches. There are more of these on the market now than newer ones, and one can find three bedroom homes at prices ranging around R850 000.
Buyers in Springs tend to be happy to live in freehold homes and are not necessarily looking in the sectional title or estate category, which goes against what buyers in many other parts of Gauteng want. “There is still the old-world, small-town feel here, with a quieter lifestyle,” says Museta.
A recent Lightstone report indicates that 36% of the recent sellers in Springs are in the 65 or older age bracket, with the majority (43%) of sellers in the 50 to 64 year bracket. Recent buyers are young, with 43% of buyers in the 18 to 35 year age bracket, and 33% being 36 to 49 years old. Museta says her youngest buyer to date was around 25 years old.
While the sectional title market seems to be catching up to the freehold property market in terms of price - for this year the same Lightstone report indicates that median sectional title price is around R465 000 and freehold R480 000 - demand is still higher for freehold properties. There is still land available to develop, and current vacant land median prices are R375 000.
The freehold sales average for last year is listed as R1.949 million, which, according to Museta included some really large properties, while the sectional title average was listed as R368 000.
“There is value for money to be had in Springs, and it makes sense for those working in any of the industries in the area to live close by. Gone are the days where people are willing to commute and spend hours in traffic, particularly as traffic congestion in many of Gauteng’s built-up areas is very bad, with some having to spend up to 90 minutes each way on the way to work and back home again, says Museta.
Print
