A shortage of stock in the face of rapidly rising demand has put home sellers back in the driving seat of Welkom’s property market, and prices are rising as a result.
This four bedroom house in Riebeeckstad, Welkom, has three bathrooms, a study room, fireplace, bar and a lapa. It is selling for R1.9 million - click here to view.This is according to Adele van den Heever, co-owner of RealNet Goldfields, who says activity in the Welkom market has picked up substantially in the past 12 months, stock availability has dropped and sellers are more confident of achieving higher asking prices.
She says most demand is coming from younger families wanting to upgrade to larger or more luxurious properties, and older people wanting to downscale to a smaller, more manageable home.
“Encouragingly, we also see an increasing number of first-time buyers in the market now looking to see what they can afford on earnings of around R14 000 a month.”
Van den Heever says Welkom offers such buyers great opportunities, with entry-level properties starting from around R250 000, although at the other end of the scale it does also boast luxury homes priced at up to about R3 million.
This home in Dagbreek, Welkom, offers three bedrooms, two reception rooms, a study area and patio. It is on the market for R690 000 - click here to view.At the moment, however, the strongest demand is for properties priced at up to around R600 000, most of these being upgraded ‘mine houses’ once owned by mining company Anglo American.
Van den Heever says there is a growing realisation that Welkom is not a sleepy rural enclave, but a sophisticated urban centre; the second largest in the Free State after Bloemfontein, and it is attracting buyers from further afield.
“Upmarket shopping centres, medical centres, sports clubs, theatres and all the modern amenities make Welkom an attractive residential option, and we anticipate that the property market will be further buoyed as the town continues to expand.”
Still an important mining hub, Welkom is also a centre of academic and sports excellence, and boasts some of the best schools in the Free State, including St Andrew’s School, Unitas Secondary School, St Dominic’s College and Welkom Preparatory School.
This three bedroom house in Riebeeckstad, Welkom, has a lush garden. It is priced at R500 000 - click here to view.“And we have a lower crime rate than most cities in SA, so there are many buyers from elsewhere investing in this area now and planning to retire here someday.”
She says Welkom is currently a hotspot for buy-to-let investors, with very high yields. These investors have access to lower-priced properties as well as those from auctions and bank repossessions.
On a property that costs R300 000, an investor can easily obtain a rental of R5 500 a month, which is an excellent return, she says.
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