Savvy cash buyers snap up Alberton homes

Alberton’s central location and its proximity to good schools and employment opportunities is attracting an influx of cash buyers in search of affordable accommodation.

So says Leonard Fourie, GM of the Harcourts 1 Vision franchise in Alberton, who notes: “The percentage of cash buyers in this area has been rising for some time and currently, 60% of our 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 over-extending themselves at the moment and would really prefer to be bond-free.”

He says the majority of sales of property in Alberton are taking place in the R800 000 to R1,5m prices range and in the suburbs of Randhart, New Redruth, Brackenhurst and Brackendowns.

“And in Randhart and New Redruth, developers are now very 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 and the rental demand in these areas is also high.”

Sales in the nearby Vosloorus area have also shot up recently, Fourie says, probably due to the fact that homes can still be found here for less than R400 000. “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.”

The current average home price in Alberton, he says, is R917 000, with prices at the high end of the market in suburbs like Meyersdal reaching the R5m mark (see photo). The average time that a property spends on the market before being sold currently is 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. 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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