Witbank sellers need to price wisely now

Economic challenges affecting the coal and steel industries in Mpumalanga - and specifically in the area around Witbank – are also affecting the residential property market, and home sellers should be really careful now to set realistic asking prices.

“They need to remember that the market value of a home is what a financially able buyer is willing to pay.

“In addition, the uncertainty currently being experienced in the local mining sector is not only being reflected in more stock coming on to the market, but also more caution on the part of homebuyers, who want to be sure that they are getting real value for money before putting pen to paper,” says Pieter Loock, owner of the RealNet franchise in Witbank.

“This can delay sales, at great cost to sellers, unless they are aware of what is happening in the market and prepared to take advice from a qualified and experienced estate agent to help them set the correct asking price in the first place, and then to negotiate the best possible outcome with potential buyers.”

He says an influx of new residents employed at the Kusile power plant construction site has sustained the demand for sectional title accommodation in Witbank, especially at the affordable end of the market. “There is also steady demand for rental accommodation, which is supplied in several modern developments.

“However, we are seeing downward pressure on prices in the R2m to R5m range, with three and four-bedroom homes over the R2m mark also taking much longer to sell now than well-priced two and three-bedroom townhouses in the R780 000 to R1m price range.”

Witbank also has its fair share of ultra-luxury homes, Loock notes, and there are currently some excellent investment opportunities in this sector of the market, especially in the Bankenveld Golf Estate, which enjoys spectacular views over a lake (see photos).

“This estate is close to a Curro private school and the Ben Fleur Boulevard Mall, and offers residents easy access to the N4 and N12 highways, and we currently have several very well-priced homes for sale here, starting at just R2,5m for a stylish three-bedroom, two bathroom double-storey townhouse with designer kitchen.”

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