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Meyerton's bank repos selling swiftly

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20 Jan 2010

Bank repossessed properties in the industrial Vaal Triangle town of Meyerton are selling swiftly despite the town's generally depressed housing market.

So says Nick van Zyl, licensee of Seeff Vereeniging, who adds that the town's saving grace is that properties are 20% to 30% cheaper than in Joburg. "I must say, the prospects for 2010 are looking very good even though the market in Meyerton is still very much in the doldrums at the moment."

He says the Internet is proving to be the prime marketing tool for properties in Meyerton. "We're getting a much more vigorous response via property websites such as Property24 than from print advertising."

Stoffel van Rensburg, Pam Golding Properties area principal in Meyerton, says the town is set to benefit from the development corridor along the R59 freeway, a key regional route that connects Johannesburg and Ekurhuleni to the Vaal Triangle. A section of the R59 runs through Meyerton, providing a lifeline to the south of the province.

"With already very high numbers of traffic along this route, and following a full feasibility study, the local municipality has decided to develop this region as a corridor development, divided into four major nodes – one of which is Meyerton.

"This project has the potential to transform Meyerton into an economic hub in Gauteng with appeal for key stakeholders from all major sectors of the economy. It also offers significant spin-offs in terms of providing major opportunities for developers, particularly as this area can accommodate development for a wide variety of uses such as heavy industrial – including large-scale manufacturing, warehousing, commercial and urban residential use.

"Already property prices in the area are soaring. Land adjacent to the R59 and in the development nodes which usually sold for approximately R50k per hectare is now selling for up to R600k a hectare for raw land (i.e. not rezoned). While this sounds high, it is still very reasonable when compared to other similar projects such as the R21 and Midrand corridor developments, where starting prices are around R3,8m per hectare.

"Very good buys are also still available in the Meyerton area for companies willing to rezone themselves and those which do not rely on highway frontage for exposure. In this regard land situated just off the highway but still in the corridor area also affords sound investment opportunities."

"Construction of Heineken's Sedibeng brewery on the R59 at the gateway to the corridor, about 15km from the Meyerton CBD, has further raised the profile of this development node, and bodes well for further development and investment in the area."

Van Zyl says demand in Meyerton is likely to be spurred by Sasol's second plant, which has been delayed, and Iscor returning back to five-day workweeks. "Iscor and Semancor have reduced their staff dramatically during the recession and don't operate on full capacity anymore. The demand for housing will pick up once they start employing new workers to work full weeks again." – Eugene Brink

For more information contact Stoffel van Rensburg on 016 362 0624 or Nick van Zyl on 072 821 9107.

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