Affordable housing market takes off in Brakpan

News > news - 06 Nov 2006

The affordable housing market in Brakpan on the East Rand is on the boil, with scores of properties being sold in the R80 000 to R300 000 range.

Adriaan Fourie, owner of the new Aida franchise in town, says his office has achieved a turnover of R10-million in its first three months of operation - and that most of its sales have been in the affordable bracket. "In fact in just one month we sold a total of 23 such properties."

Fourie says the housing market in areas such as Tsakane and Geluksdal is piping hot. "And as a new operation, we have made a very quick impact in these areas because one of the major objectives of our 15 agents is to educate potential first-time buyers about the advantages of home ownership and explain the concept of mortgaging.

"Many prospective buyers are still totally unaware that they may qualify for bank loans, sometimes of up to 100 percent."

And property in these areas, as in the rest of Brakpan, offers good value, he says. For R80 000 buyers can still find small two-bedroom homes, while R300 000 will buy a three-bedroom, two-bathroom home with a garage in Tsakane or Geluksdal.

In Brakpan proper, the entry level now hovers around the R450 000 mark while a four-bedroom, two-bathroom family home will cost in the region of R750 000.

Fourie says the market slowed slightly in the wake of the recent interest rate hikes, but that buyers have adapted quickly to higher bond repayments.

"In fct many of them seem to realise that now is a good time to buy property because the market is moving sideways and prices are not growing as fast as in the recent past."

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