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First-time buyers target Stilfontein

Stilfontein, and old gold-mining town in the Northwest province, is getting a new lease of life thanks to a supply of good value properties that are attracting buyers from as far afield as Potchefstroom and Johannesburg.
 
“There are decent three-bedroom homes available here for between R350 000 and R450 000,” says Jaco Faurie, co-owner of the RealNet Klerksdorp franchise which also serves the Stilfontein market. “These properties are affordable for first-time buyers and Stilfontein is also attractive because it is well-located in relation to Klerksdorp which has good schools and medical facilities, and just 160km from central Johannesburg.”
 
In addition, notes his partner Pierre Ludick, there is a major new commercial development being planned between Stilfontein and Klerksdorp which will give residents ready access to a regional shopping centre as well as offices and an industrial park.
 
Meanwhile in Klerksdorp, they say, any home priced at R450 000 or less is now being snapped up within days of being listed for sale – “even though most properties in this price range need a lot of restoration work”.
 
Buyers are mostly investors with the cash resources to be able to buy, renovate and resell within a relatively short time, and in a few instances young couples who have decided rather to buy a cheaper home and spend their extra money  on upgrading and altering it to their liking.
 
However, says Faurie, most young buyers coming to the town are on the lookout for townhouses in security complexes – and not finding much they can afford. “Prices of such units all start at around R650 000, and what new building there is going on at the moment is mostly in already established developments that have been standing still for the past couple of years but are now slowly starting to move again.”
 
There is quite a bit of movement, though, in the middle-income sector of the market, he says. “Here we are seeing an increasing number of homeowners willing to sell at a minimal profit just so that they can take advantage of the current market conditions and upgrade relatively cheaply to more luxurious homes in the northern suburbs of Klerksdorp.
 
“Consequently, Doringkruin is offering some good buys for around R850 000, while La Hoff is becoming a suburb where we have growing demand for houses at prices between R600 000 and R700 000.”
 
Issued by RealNet


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