select
|

Property sales rocket in buzzing Newcastle

Business is humming in the little city of Newcastle in the north-western corner of KwaZulu-Natal – and so is its property market.


This Newcastle home in Upper Hutten Heights is on sale through Sotheby’s International Realty. It has four bedrooms, three reception rooms and a study, as well as a chef’s kitchen, indoor heated pool, gym, sauna, staff quarters and double garage. Top-notch security, a borehole and irrigation are also part of the picture.
 
In fact, says Lee-Anne Labuschagne, manager of the local Sotheby’s International Realty franchise, there is now quite a severe shortage of residential property for sale, and demand is such that any property which does come on to the market is sold very quickly.
 
“In the past month, for example, we have sold 12 homes in the R850 000 to R1,2m, 10 of them to families who had been waiting to buy and only two for investment purposes.”
 
The main driver of the Newcastle property market, she says, is the industrial activity centred on the huge Arcelor Mittal and Karbochem plants in the area, which employ thousands of people. There are also scores of textile factories in the city and hundreds of smaller manufacturing, service and retail businesses.
 
In addition, Newcastle is the commercial hub for the surrounding coal mines and farms, and the educational hub for the Amajuba district, with eight high schools and tertiary institutions including the Amajuba College and a Unisa campus.
 
“As is to be expected,” Lee-Anne says, the demand for homes is highest among families looking to settle and send their children to school here, as well as up and coming business people ready to buy their first home. There is also quite a lot of demand from people who want to upsize from a smaller to a bigger home.”


This Newcastle home in Upper Pioneer Park is on sale through Sotheby’s International Realty for R1,15m. It has a tiled roof, three bedrooms, two bathrooms, three reception rooms and a study, as well as a fitted kitchen, laundry, pool and lapa.
 
Most residential areas in Newcastle were of course originally developed to provide accommodation for employees of the old Iscor plant which evolved into Arcelor Mittal but, she notes, owners who have made the effort to improve and upgrade the old Iscor-style housing will find themselves in a favourable position now if they decide to sell.
 
“Sotheby’s International Realty Newcastle currently has several middle-market properties available at prices between R500 000 and R2,8m. Also very popular at the moment is the Vulintaba Country Estate, which is being developed approximately 20km outside of Newcastle and offers more than 800 stands at prices from R650 000. The big draw cards for buyers are the fact that it is located in the Drakensberg range and within a game reserve.”
 
Upmarket homes in areas such as Aviary Hill and Hutten Heights generally range in price from around R1,5m to R4,5m, says Lee-Anne, and there are also a number of upmarket townhouse complexes in Newcastle, with units selling in the R2m to R3m range.
 
“Many of these are available with the option to buy fully-furnished, which is a trend that appears to be finding favour now with higher income buyers.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 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.
    • 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.
        
    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