Good value boosts Mogale property market
Reasonably-priced family homes and abundant development land are drawing droves of buyers to Mogale City (Krugersdorp) on the West Rand.
And with property values still growing by between 20 to 30 percent, investors are also targeting the area in a big way, says Estelle Marais, manager of the local Chas Everitt International office.
"Areas such as Krugersdorp West and Randfontein are popular because they offer good value for money. Randfontein, about 15 minutes drive west of Mogale City, is in particular demand because three-bedroom, two-bathroom homes are still available for anything between R310 000 and R900 000. Buyers are also reporting that they are drawn by the relatively rural character of the area."
Marais says the abundance of development land is now also attracting a different type of homebuyer. "We have established a good relationship with local developers who offer affordable building packages. Many developers bought land before the boom and are thus able to keep costs reasonable.
"For instance, packages for 140 to 160sqm clusters on approximately 600sqm stands are available from R1,2-million upwards while packages for larger free-standing 250sqm homes on stands of about 1100sqm are on offer in upmarket areas such as Rangeview extension 4 and Noordheuwel from R1,4-million to R2-million."
She says these packages are popular because buyers get personal service from
developers and are able to modify house plans to suit their requirements.
Buyers may also structure packages to give them a wider choice of finishes.
Prices of townhouses start at about R350 000 and also offer good value.
"These units, which typically feature two bedrooms, one bathroom and a
carport, are attracting buy-to-let investors.
"They are able to obtain rentals of between R2500 and R2800 per month, leaving them with about a R1000 contribution towards monthly costs. They regard this as a solid investment in view of the healthy growth of between 20 and 30 percent in property values in this area."
Security villages such as Pine Haven where unit prices start at about R1,2-million are also still attracting many buyers, Marais says.
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