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.”

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