Touted as the next Hartebeespoort, Bronkhorstpruit holds potential for significant housing development in the middle-income price range, thanks to new commercial projects currently in the pipeline.
That’s the word from Susan Muller, owner of the Chas Everitt International franchise in Bronkhorstspruit, who says that over the past few years, Bronkhorstspruit and its dam have piqued the interest of developers and homeowners alike looking for new pastures to build luxury estates and second homes.
“Given that Hartebeespoort’s appeal has lessened somewhat due to prolific construction in the area, Bronkhorstpruit seems like the next obvious choice for developments of this nature. Indeed, Bronkhorstspruit could potentially out-perform Hartebeespoort in the future if it can manage to sidestep over-development,” she says.
Situated to the east of Pretoria, the area – which falls into the Kungwini municipality - is within reasonable commuting distance for those looking to retreat to the country either for weekends or on a more permanent basis. And it has undergone a transformation, with new builds having sprouted up by the dozen.
“Many luxury developments took root in the area and initially sold well to people from Johannesburg and Pretoria,” says Muller. “But then the National Credit Act came into effect, making it more difficult to get home loans. And this, coupled with soaring petrol prices and interest rates, has understandably affected progress in these developments.
“Higher than average pricing relative to the surrounding established properties also hasn’t helped matters. Sectional title properties in Bronkhorstspruit town sell for between R500 000 and R700 000, and freehold properties for between R900 000 and R1m. However a typical freehold unit at Reverie Estate on the dam is priced at around R2m.”
Local population growth has also been slow and major amenities are still thin on the ground - but this is now all set to change with the advent of a new power station, the allocation of property for major retail developments and the advance of Pretoria’s eastern “edge”.
Indeed, says Muller, Bronkhorstpruit is likely to experience a housing shortage once construction of the power station and other projects begins due to the influx of construction workers, engineers and artisans, followed by the permanent staff of the new developments. “Current housing supply will be absorbed and this will boost prices and open the way for new developments. At the same time, those who have bought wisely now will stand to reap big rewards.”