select
|

Polokwane property top of the pops

The Polokwane residential property market is hitting the high notes with strong signs of renewed activity after the recessionary slump.

Registered sales by the RealNet Polokwane Sales franchise, for instance, have trebled in the past year and agency owner Maryna van der Merwe says this is mostly due to strong demand from emerging middle class buyers.

“This has put pressure on stock levels that is increasing daily because the July interest rate cut has further spiked demand. About 75% of current buyers are medium income earners in the emerging middle class.”

Family homes are in short supply, she says, with demand highest in the R1,2m price range, while townhouses for less than R900 000 are popular among people in their thirties. The office sold five townhouses at prices between R405 000 and R899 000 in the first nine months of the year – compared to 13 during the whole of 2011.

A new trend is strong demand for undeveloped stands, especially among upwardly mobile buyers. “Many buyers migrating to the suburbs now prefer to build homes to their own specifications and Bendor on the eastern boundary of the city is currently a popular destination for prospective owner-builders. Stands of between 650sqm and 800sqm in the suburb are selling fast at prices of between R300 000 and R700 000,” Van der Merwe says.

She adds that the registration process of sold property has speeded up, which adds further impetus to the market. "Until recently, registration took up to four months but two months are currently the norm. It not only benefits buyers and sellers involved in particular transactions, but also seems to lift the mood in the market as a whole."

Many locals keen to buy homes do not, however, qualify for financing because their credit records are impaired, she says. And at the moment, such consumers have little option but to rent accommodation, which underpins the buy-to-let market.

"But it points to sustained interest in the local property market for years to come since tenants who manage to clear their records are likely to become future homeowners."


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
        
    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