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Polokwane property showing growth

20 Apr 2006

Strong demand for residential property in Polokwane is sustaining healthy growth in the Limpopo city's home prices.

Anton Hanekom of the local Aida franchise says prices have risen by 10 percent since January alone, notably in the townhouse sector, and explains that the mid-range market - between R700 000 to R800 000 - is very active thanks to an inflow of public servants with the means to buy property.

The market is also under pressure to supply new development land fast enough to satisfy demand. Hanekom points to the case of the Waterberry development on the Duiwelskloof road where all 150 stands were sold within three days of their recent release.

"Two agencies were given marketing mandates and our office sold 85 units even before the local paper, in which we had advertised the stands, hit the streets.

"Our agents started phoning clients on our database as soon as we got the go-ahead from the developer. Word got out very quickly to the wider market and we had a veritable avalanche of buyers," he says.

The 700sqm stands in Waterberry sold at prices ranging from R180 000 to R220 000 and because the market currently lends itself to a degree of speculation, some are now being offered for resale at prices up to R270 000.

Now, Hanekom says, Aida's success in marketing the Waterberry development has piqued the interest of developers from as far afield as Gauteng, who are also approaching the agency to market their planned developments.

As a result, the office has recently secured the mandates for the Northview development next to Waterberry, as well as the upmarket Thornhill development further along the Duiwelskloof road.

Northview offers stands at prices ranging between R210 000 and R260 000. Sizes vary from 500 to 1000sqm. Group housing will be developed along the perimeter and all units will have uninterrupted views of the surrounding countryside thanks to the elevation offered by a small koppie. Special care has been taken with the layout to preserve several prime specimens of indigenous trees such as cabbage trees, pompom trees and tree wisteria.

Stands for the full-title homes in Thornhill, a lifestyle development that will later include a retirement village, townhouses, a cluster development and a shopping centre, are selling fast. Only 22 remain, at prices between R325 00 and R620 000. Sizes vary from about 400sqm to 1050sqm.

Polokwane property showing growth

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