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
Characters remaining

    Latest Property News
    • 26 Apr 2018
      Banks are showing an increased appetite to lend according to first quarter (Q1 2018) property statistics recently released by ooba, South Africa’s leading home loan originator.
    • 26 Apr 2018
      Moving into a new home comes with such a long list of expenses that one often searches for ways to cut back on costs. Hiring a professional moving company is one of the first expenses that many buyers tend to try and work around, especially now that purse strings are even tighter owing to the VAT increase that took effect this month.
    • 26 Apr 2018
      Investors looking to buy a property offshore can potentially recoup their money faster through short-term rentals than traditional letting options, all the while earning income in a foreign currency.
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us