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New mining activity boosts Mokopane home market

New mining activity around Mokopane has stimulated the demand for homes as well as rental units in the town.
 
Esther van der Merwe, owner of the local RealNet franchise, reports that the market turned at the end of last year as demand among contractors started to climb thanks to new activity at the Platreef and Anglo mines, followed by a wave of mine workers relocating from mines around Rustenburg.


?5 Bedroom House for sale in Chroompark

"Rental units are now in short supply as available stock has been quickly taken up by mine workers who have been offered local employment. Two-bedroom flats now achieve monthly rentals of R4000 and more, while three-bedroom units are now renting for about R5000 a month," she says.
 
Family homes are being rented out for R10 000 or more, compared with rentals of between R7000 and R8000 a month just a few months ago.
 
Van der Merwe says contractors have entered the home market since many with long contracts prefer to buy property to accommodate their staff rather than rent units for the long haul. Homes in the R1m to R1,2m price range are targeted, but stock levels in this category are dwindling fast.
 
"Previously many family homes were rented out because sellers struggled to find buyers, but this 'old' stock has now mostly been taken up and we expect prices to rise as shortages become even more pronounced.
 
New upmarket developments, such as a housing complex around the golf course, are still awaiting services and it will be a while before units can be brought to market. However, says Van der Merwe, such planned developments are unlikely to satisfy the growing demand for housing.
 
"Mokopane, with only about 1500 properties in town and another 3500 on the outskirts, is in dire need of more affordable units and this need represents good opportunities for developers. There are still some large stands of around 4450sqm available in the older, central part of the town that could accommodate up to 32 two-bedroom units each.
 
“Prices of these stands are around R2,2m and developers can confidently expect a quick uptake of new units since investors are now also entering the market with a view to good returns on rental units."

 



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