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Roodepoort has middle class appeal

10 May 2010
Houses in middle-income areas are in high demand in Roodepoort, but it still takes two to three months before a property is sold in the area.

The robust recovery of the market in this West Rand city is also hampered by the fact that 100% loans are still quite scarce. Buyers are also struggling to raise the oft-required 10% deposit.

Anne Fry, principal for Pam Golding Properties (PGP), says areas such as Weltevreden Park and Radiokop have seen the biggest uptick in sales over the last few months.

“These are generally middle-income areas with properties that appeal to a large segment of the buyer pool in Roodepoort. Houses and clusters between R900k and R2m are our best sellers at the moment.”

Philip Coetzer, Seeff agent for the Roodepoort area, agrees with Fry that people aren’t being bold with their purchases and says sales in upmarket areas aren’t booming yet. “Houses in the R750k range are selling the best at the moment. I’m doing very well in areas such as Witpoortjie, with more expensive areas such as Roodekrans View and Helderkruin not shining yet.”

However, says Fry, more expensive properties in closed estates in Ruimsig are also being snapped up due to the security aspect.

Fry says her buyer profile consists of all types and it is difficult to single out specific groups, but Coetzer says his buyers are almost exclusively comprised of young couples under 40. “Black buyers are also having a pronounced effect on the market and they now constitute 60% of the total buying market.”

Coetzer says bank financing remains one of the chief stumbling blocks for many buyers in Roodepoort. “It’s a big problem, but the younger buyers are still able to get 100% loans. Banks often require a 10% deposit or more and very few prospective buyers have that type of cash.”

“The activity in the area has definitely picked up and demand is stronger, but it still takes two to three months to sell a property.”

When asked about prices at both ends of the property market in Roodepoort, Fry said an entry-level property cost somewhere in the region of R500k to R600k while they have sold properties of R3,5m and R6m in 2010. – Eugene Brink

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