About 70% of transactions at the local Chas Everitt International office are concluded with people who are relocating from Johannesburg, Kempton Park and surrounding areas such as Balfour, says office principal Trevor Visser.
"Not only are properties here much cheaper than in bigger towns and cities, but because of good underlying value, the new National Credit Act did not have a significant impact on our market. About 95% of bond applications have been approved since the Act came into force," he says.
Clusters in areas such as Visagiepark are popular at prices of around R850 000 for a 120sqm open plan unit with three bedrooms and two bathrooms. But, says Visser, a strong trend in the market is younger buyers targeting large old homes.
"Prices for these homes typically range between R650 000 and R1m, with a few bargains at about R550 000. Younger buyers appreciate old features such as pressed ceilings and wooden strip flooring and many of them renovate to give these properties a fresh look. Older properties are large, usually around 220sqm under roof on stands of just under 2000sqm, and are ideally suited to growing families."
Visser adds that the character of the town is another draw card. "It still has a small-town atmosphere where people have a strong sense of community. The infrastructure is established and there are several good schools."
New cluster developments are coming on stream and Visser says these offer good opportunities for buy-to-let investors. "There is strong demand for rental accommodation in the R3000 to R3500 per month range and investors who can afford to subsidise bonds are sure to find tenants."
Commercial development is keeping pace with a new shopping centre in Noycedale currently under construction. The new centre will have Pick 'n Pay as an anchor tenant.
For more information contact 011 849 7225.
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