select
|

Kimberley readies for new campus

The new Northern Cape university located in Kimberley is expected to register its first students in 2014 and the city is scrambling to provide housing for the expected inflow of new residents.

Kobus van der Walt, local developer and co-owner of the Aida estate agency in the city, foresees great demand - and shortages - in the rental market when the campus opens. "Varsity residences are being planned but are unlikely to provide enough room to accommodate all students. But the rental market here is already under severe strain with prospective tenants take up whatever is available, irrespective of their preferred price bracket," he says.

"This strong demand has seen rentals escalate and landlords here are consequently earning much better returns than in other nearby centres such as Bloemfontein. Investors have been quick to spot this and are very active in the market.

"However, new development is urgently needed and we hope that development land will be made available in good time to prepare for the expected influx of students looking for accommodation."

Van der Walt says development land is currently in short supply, with private developers last in the queue. "Furthermore, electricity supply in the city is taking strain and the power infrastructure needs urgent attention. It is to be hoped that all interested parties in the city will work together assiduously to tackle this issue in the short time remaining and that existing capacity and expertise will be employed by the council."

An indication of the dire need for new units is the fact that a small 22-unit development in Cassandra that Van der Walt recently brought to market was sold out in record time, with the final eight units selling off-plan. The units sold at prices between R695 000 and R850 000.

Similarly, a planned development of 44 homes in Rhodesdene drew more than 100 enquiries as soon as the advertising boards went up, says Van der Walt. The sectional title project is expected to be completed in the next 18 months and will offer two-bedroom units at prices from R850 000 and three-bedroom units from just more than R1m.

The residential market is currently also very lively, he says. "As the capital of the Northern Cape, Kimberley houses many provincial departments and we are seeing an influx of buyers drawn from surrounding areas as they find employment in the city."

Two-bedroom townhouses are currently selling at prices from from R735 000 to R850 000, while townhouses with three bedrooms sell at around R950 000 to R1,1m.  Average family homes are priced at R1,1m to R1,5m while luxury homes in Carrington Road - home to professionals such as medical doctors, lawyers and judges - and Royaldene are selling at prices of up to R3,5m.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 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.
        
    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