The residential property market in Springs on the East Rand stands to benefit in the short as well as long term from the development of the new Springs Mall, which is currently under construction.
The R850 million shopping mall situated in Blue Crane Eco Park in Casseldale, will not only create construction as well as retail jobs, but will go a long way to retain retail revenue - estimated at up to R500 million a year.The R850 million shopping mall situated in Blue Crane Eco Park in Casseldale, will not only create construction as well as retail jobs, but will go a long way to retain retail revenue - estimated at up to R500 million a year - that is currently being spent outside the city limits.
This is according to Jan Davel, MD of the RealNet estate agency group, which has recently opened a new franchise in Springs, who says and that is good news for the local residential property market, since sustainable jobs and a more buoyant local economy will undoubtedly encourage more home purchasing in the area.
Suzette Venter, the new RealNet franchisee in Springs, says the project is expected to create between 500 and 700 job opportunities during construction and up to 1 500 sustainable jobs when the mall opens in 2016. "At the same time, the new mall is expected to boost the local economy to the tune of R1.2 billion."
As things stand now, the local residential property market is already on a sound footing, thanks to growing demand. "Home prices in the area are still much more affordable than in surrounding towns on the East Rand, and we are experiencing inflows of buyers from areas such as Boksburg and Benoni.
“Keen prices are also attracting increasing numbers of buyers who work as far afield as Sandton. Good access to major routes such as the N17 and N12 makes it worth their while to live in an area that offers exceptional value-for-money and a small town atmosphere," she says.
Prices in Springs proper start at around R350 000 for three bedroom flats in the central areas, while entrants are also active in outlying areas such as Tsakane and Kwathema, where small two-room homes are selling from around R145 000.
The biggest demand, however, is in the middle price range, where comfortable family homes with up to four bedrooms, two garages and extras such as a lapa or pool are selling at around R800 000. Homes in Bakerton are particularly sought after among upwardly mobile buyers thanks to luxury finishes such as marble counter tops and quality flooring.
Venter says top properties in choice areas, such as the small enclave of President's Ranch, offer exceptional value compared to surrounding areas on the East Rand. Homes in this category are available at prices from R1.5 million.
Older homes are also being targeted by professionals such as attorneys and accountants for conversion into office space. "We see this trend as a further indication that the town's future on a residential as well as commercial level is bright," she says.
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