Upgraders fuel Middelburg market

Low interest rates and increased affordability have spurred many locals to make the most of the opportunity and buy bigger properties, says René Peyper of the new RealNet Middelburg office.

“We are seeing significant activity in all sectors of the market but upgraders are particularly targeting areas such as Aerorand, Robberts Estates, Clubville and Groenkol and buying at prices up to R1,1m. Suburban homes as well as duets are in demand.

“And this trend is in turn creating openings for new buyers in the affordable sector, notably Eskom workers who are buying in areas such as Kanonkop and Extension 18. Indeed, the under-R500 000 sector of the market has become very lively. For example, a recent development of 18 one-bedroom units priced at between R430 000 and R460 000 was sold in record time.”

Although the top end of the market, where prices reach levels of up to R7m, is currently somewhat flatter than other sectors, luxury homes are still sought-after and developers are catering for this market, she says.

“Robberts Estate, a luxury security development, has just released stands in its latest phase. Prices range between R400 000 and R1,2m and stands are finding ready buyers. Owners can opt for building packages or build their own homes.”

Another luxury development just outside town is in the planning phase, she adds.

RealNet Middelburg, which opened for business in February, fields five agents and, says Peyper, sales in the first few months of operation have been exceptional. “Our turnover is very healthy for a new operation and may perhaps be ascribed to the fact that our agents are trained to pre-qualify buyers and to scout out properties that closely match their requirements.”

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