Vaal dam leisure homes market increasingly active
2/21/2012 8:31:37 AM
Following a relatively quiet 24-month period of trading, interest in residential property in the Vaal Dam has picked up considerably, says Phil Medlock, area principal for Pam Golding Properties.
“Commencing at the start of the last quarter of 2011, the upturn in activity has continued into 2012 with particular interest shown in second / weekend homes for leisure use, and with an increase in cash buyers and those with large cash deposits. There are two distinct price brackets purchasing such homes; firstly between R500 000 and R1.2 million, being mainly first-time, second home buyers who wish to acquire a home for weekend use but in line with affordability and budget do not wish to over-expose themselves. The second category is in the R2-R3 million price bracket and in this more upmarket sector the majority of sales comprise waterfront properties with their own private water frontage.
Medlock says a notable sale in the latter price bracket was a 50 percent share in a home situated on three hectares, with this half-share being sold through Pam Golding Properties (PGP) for R2.4 million. The joint owners split their usage into every second weekend and then rotate usage for longer periods during peak holiday periods.
A waterfront property in the same area and including a small three bedroom house was sold by the company for R2.55 million. Both properties were sold to Johannesburg residents for use as weekend getaways, with approximate travel time to the Vaal Dam between 60 and 90 minutes and mostly on open roads.
Says Medlock: “The lower end of the market – R1 million - is also popular with numerous sales concluded in Deneysville. In this price range we see the demand predominantly for holiday homes, however we are noticing a growing trend towards those relocate permanently to the Vaal Dam and then commuting into the greater Vaal Triangle area and Johannesburg. These buyers are drawn by the quiet country lifestyle coupled with the extensive water sport activities available on the dam.
“It is also encouraging to see developers re-entering the marketplace, demonstrating their confidence in the second home market. Marina View in Deneysville, a complex of 12 sectional title units which ran into difficulties a few years ago, is back on track with new owners and building is to commence in the second week of March (2012), ready for occupation next summer.”
Marketed exclusively by PGP, Marina View is well situated just outside the gates of Manten Marina. The 248sqm, open-plan homes include three bedrooms, two full bathrooms and a large loft area. “One of the main features of this development is its proximity to the marina with all its launch facilities,” says Medlock.
In addition to the above development PGP is also marketing stands at Ambermere Lifestyle Estate, which incorporates 62 two-hectare waterfront stands. “The estate is set on 300ha of grasslands and hills, with spectacular views over the huge expanse of water as well as sandy beaches and grassed embankments. In addition, the development includes two completed marinas, making it set to become the Vaal Dam’s best address. Each stand has its own private water frontage between 100m and 170m and prices start at R750 000, with costs included,” adds Medlock.
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