Hartbeespoort sales surge despite negative reports
The market has ignored recent adverse publicity about property developments around the Hartbeespoortdam and estate agents report strong sales in luxury estates.
In fact, says Iris Venter of the local Chas Everitt International office, sales have quadrupled since the final quarter of last year. "Newspaper reports that the poor quality of dam water was keeping investors away and that the market was oversupplied were unfounded - as strong sales have now proved."
Venter also says issues around the water quality are being resolved. "The Hartbeespoort Water Action Group (HWAG) has taken control of the situation and canvassed support from local residents and land owners, who each contribute R20 per month to HWAG's initiatives." Developers are also contributing substantial amounts.
She says renewed interest in dam property may perhaps be ascribed to the planned construction of the PWV9 highway that will connect the area with Johannesburg and cut travelling time from Sandton to just 15 minutes.
"We have received confirmation that the road will be completed by 2010. It will boost the property market further and clever investors are obviously getting in early. And, far from being an over-supplied market, demand is expected to pick up. A total of 28 new developments are already in the planning stages to supply in the growing demand."
She reports that prices of stands are stable, ranging from about R380 000 for the cheapest stands without water frontage, to R2-million for choice stands in flagship developments such as Pecanwood Golf Estate.
Luxury estates are currently the market leaders with Westlake Country and Safari Estate, Pecanwood, Birdwood and Xanadu the most popular. The last two do not have access to the waterfront but offer spectacular views, she says.
"Most stands offered for sale in existing developments are resales. But, contrary to reports, most of these investors are not cutting their losses and getting out - they are selling in order to buy up. Most buyers here prefer to buy stands and build homes to suit their requirements."
Issued by Chas Everitt International
For further information call Brenda Smith at
Chas Everitt International Bryanston on 011 463 2033
or visit www.chaseveritt.com