select
|

New lease of life for platinum village

The property market in and around Mooinooi is brisk these days, thanks to the rising platinum price and expansion of the local mining operations. This North West mining village, located in the middle of the “platinum belt” between Brits and Rustenburg, was hit very hard in 2009 when the global recession saw the platinum price plunge from around $2000 an ounce to $800 an ounce almost overnight. “Jobs and livelihoods were wiped out in days and no-one was interested in buying a home here – even at rock bottom prices,” says Amelda Scheepers, principal of the RealNet franchise serving Mooinooi.

“But now the platinum price is back up to almost $1800, two new mines have opened in the area and the demand for local property is climbing steeply. “There is very high demand for rental homes but at the moment virtually nothing available in the R5000 to R7000 per month range. There are, however, quite a number of three-bedroom homes for sale at prices starting from R600 000, and investors are starting to see the opportunities to make good returns here.

“At these prices, many young families associated with the mines are also deciding that it would be more cost effective to buy than to rent. Mooinooi already has its own pre-school and Brits, which is just 11km away, has excellent primary schools and a high school, as well as a large shopping centre.”  

Also very popular in the Mooinooi area, she says, are smallholdings of between 5ha and 20ha, priced at between R1,2m and R4,5m. “Many of these already have rental flats and cottages built on them that are suitable for single people working on the mines or for young couples, so the owners can earn a good income or additional income from their plots.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK