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
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
        
    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