Residential property in Centurion is still in strong demand and offers capital growth.
That’s the word from Justin Vos, owner of the local RealNet office. “Thanks to Centurion’s excellent position relative to places of work, demand for residential units here is likely to stay higher than in most other areas,” he says.
“And although the local market is not immune to current conditions, we still average two to three percent stronger growth than the national average, which means that investment in property here still delivers capital growth.”
He adds that current demand is healthy. “According to the latest figures available, there is still an annual turnover of 10% on the roughly 14 500 residential properties in central Centurion and eastern suburbs such as Irene, Zwartkop, Highveld, Doringkloof, Lyttleton and Lyttleton Manor. That translates to around 120 residential transactions per month.”
Sectional title units at the entry-level of around R400 000 to R800 000 are currently the biggest movers but, says Vos, there is a wide range of properties in the area. “We have a mix of roughly 60% sectional title to 40% full title properties that will suit the pocket and taste of most buyers.
“Top prices in the full title sector now reach R12,5m for luxury properties on the golf estates. Entry-level prices for full title properties are just under the R1m mark while prices for suburban family homes average R1,6m.”
Some new developments are likely to give the area a further social-economic boost, he adds. The planned Gautrain station in West Street, just behind the cricket ground, is in close proximity to very high-density developments and the facility is likely to increase demand for units among commuters.
The planned Tshwane Convention Centre, which will include two hotels of international standard and extensive conference facilities, is likely to act as another stimulus for the local residential property market, Vos says.
Issued by RealNet