28 Nov 2012
The vast development can largely be credited to the discovery of coal in the region that brought an era of prosperity and increased interest in the area.
Newcastle is located in the North West corner of the Natal province along the Ncandu River, and is awash with history. The area has a number of memorials and monuments that pay tribute to the soldiers of the Boer wars.
Construction on the town hall started in 1897 to commemorate Queen Victoria’s Diamond Jubilee. By 1891, the town was declared a district and today Newcastle is the seat of the local municipality as well as being the seat of the Amajuba District Municipality. Although, it is no longer a junction between the two provinces of KwaZulu-Natal and Gauteng, Newcastle still attracts many visitors wanting to explore the historical battle sites located just outside of town.
Goslett says property prices in the area range from R115 000 for a vacant stand to R3.3 million for a large family home. The average price for a sectional title unit to date was R465 000, while the average price paid for a freestanding home was R962 000.
According to Lightstone data, a majority of the recent buyers are from 36 to 49 years old who make up 44.74 percent of buyers in the area and 33.33 percent of the recent sellers in the area were 65 years or older.
The demand for freestanding homes outweighs any other type of property, as they are out-selling sectional title units two to one, with 25 transfers having taken place between November 2011 and October 2012, which is double that of sectional title units, where only 13 transfers took place.
Goslett says this could be attributed to the fact that 74.06 percent of the properties are freestanding homes, while sectional title units make up the remaining 25.94 percent. Currently the biggest movement in the market is homes that fall into the R400 000 to R800 000 bracket, followed by properties in the R800 000 to R1.5 million category, indicating a demand for well-priced family homes.
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