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60% of 1st Lydenburg estate sold

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28 Apr 2009

Sixty percent of the 500 stands at the Lydenburg's first security estate have already sold.

ERA Lydenburg reports that about 40% are already being developed by owner occupiers.

Also, all the residential apartments which make up the other component of The Heads, have been acquired by mining interests for their contract workers and all civil works and services are complete.

Moreover, a convenience shopping centre with a number of leading anchor tenants is being constructed on the doorstep of The Heads and other new residential developments are taking place in the immediate vicinity, further underlining the strength of the market.

"The Heads success should be seen in the context of that general growth. Unlike many other SA property markets right now, demand in our area remains good across the board and values, although having softened recently, have experienced major growth in the past three years, aided by the numerous commercial developments that have taken place," says ERA Lydenburg's agent Madeleine Viljoen.

Broad-based demand is coming from mine employees and from service and manufacturing industries that have sprung up in the wake of mining expansion. In New roads, shopping centres, schools and commercial centres have also been developed in recent years.

Viljoen says that mining expansion in the area, which has continued despite the worldwide slowdown in the demand for commodities, is being complemented by on-going growth in agriculture and in tourism to Mpumalanga, and that all of these factors spell positive prospects for the property markets of Lydenburg and the neighbouring towns of Burgersfort, Steelpoort and Ohrigstad.

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