Alberton’s central location and proximity to good schools and employment opportunities are attracting an influx of cash buyers in search of affordable accommodation.
This four bedroom house in Meyersdal Nature Estate, Alberton, is on the market for R4.5 million - click here to view.This is according to Leonard Fourie, GM of the Harcourts 1 Vision franchise in Alberton, who says the percentage of cash buyers in this area has been rising for some time, and currently 60% of their sales are to cash buyers, many of whom have sold large properties to downscale to more manageable and affordable homes.
“Buyers are particularly careful about not overextending themselves at the moment, and would prefer to be bond-free.”
Fourie says the majority of sales in Alberton’s Randhart, New Redruth, Brackenhurst and Brackendowns suburbs are taking place in the R800 000 to R1.5 million price range.
“In Randhart and New Redruth, developers are now active in catering to the demand for less expensive homes by buying up large properties and subdividing them to build between four and eight new sectional units priced at between R400 000 and R850 000. These are also popular among buy-to-let investors as the rental demand in these areas is high.”
He says sales in the nearby Vosloorus area have also shot up recently, probably due to the fact that homes can still be found in this area for less than R400 000.
This home in Verwoerdpark, Alberton, has three bedrooms. It is on sale for R1.4 million - click here to view.“In fact, sales volumes in the affordable sector of the market have increased to such an extent that we have more than doubled our sales team in the past six months.”
Fourie says the current average home price in Alberton is R917 000, with prices at the high end of the market in suburbs like Meyersdal reaching the R5 million mark. The average time that a property spends on the market before being sold is currently between 30 and 40 days.
“The majority of buyers, about 70%, are over 35, and most are two-income families who love living in Alberton because it is now a self-sufficient area where you can easily live, work and play without having to travel too far,” says Fourie.
“The recent opening of the upmarket Mall of the South adds to this convenience and also caters for our increasingly affluent population.”
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