‘Miracle’ market for Kungwini

“Seen against the wider trend in the national residential market, the activity in our local market can be described as miraculous,” says Koos Pretorius of the RealNet Kungwini office.

Prospective job applicants at Kusile, situated close to Bronkhorstspruit, Witbank and Delmas, aim to buy homes in these towns in order to supply a local residential address on application forms. However, Bronkhorstspruit seems to attract more buyers because the town offers attractive and clean surroundings and excellent air quality, he says.

Homes in all price ranges are in demand, but affordable units are leading the charge. Townhouses in security complexes priced at between R450 000 and R600 000 are particularly popular.

Full-title homes in the R600 000 to R800 000 range also sell fast while there is slower, but steady, demand for luxury homes of up to R3m. “Luxury homes, especially near the Bronkhorstspruit dam, are targeted by top managers at Kusile and still attract buyers from Johannesburg and Pretoria, roughly 50km away, who prefer the marina lifestyle and are willing to commute to city offices,” Pretorius says.

Meanwhile the high demand for affordable housing has spilled over into the rental market. “Smaller units are in short supply, which puts upward pressure on rentals and creates excellent opportunities for investors. For example, two-bedroom units, which sell for around R320 000, currently achieve rentals of around R4000 a month – a return of 14% on investment. Not many other investments can equal this,” says Pretorius.

Two- and three-bedroom rental homes are also in demand. Companies and contractors are active in this sector to provide housing for Kusile staff.

Developers are currently scoping opportunities to supply units in the R300 000 to R600 000 range, Pretorius adds. “This will increase much-needed stock in the affordable sector, where demand is currently far outstripping supply.”

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