07 Dec 2011
The Gautrain route is said to boost the accessibility of the East Rand for home buyers creating demand for homes in Kempton Park, says Pam Golding Properties (PGP).
He explains that this trend has extended into all facets of business, with attorneys taking the Gautrain to commute to Sandton’s Advocate Chambers and local corporate executives using the link to do business in Sandton, Rosebank and Pretoria.
The Gautrain has opened up the accessibility of the East Rand for families buying homes with children using the Gautrain to commute to schools and the University of Pretoria.
Parents are no longer limited to shopping at the local malls and long drives to Sandton City, Rosebank Mall and Menlyn Mall (Pretoria) thanks to the speed, comfort and security of the Gautrain system.
Ferreira says there is a growing demand from younger business people, who purchase starter homes, priced between R950 000 and R1.8 million in the areas of Boksburg, Benoni and Kempton Park.
He says previously, people were selling to move closer to work in the north, but now they upgrade or downgrade within the East Rand, providing an important indicator of investor confidence in these stable areas.
“Home buyers are moving closer to a lifestyle of convenience which is why I believe we are seeing so many shopping centres being constructed within an eight kilometre radius of each other.”
Ferreira says there is a marked upturn in home buyers with increasing buying power moving into the area, as their disposable income increases so too does their choice in homes.
“To meet a growing demand we are selling affordable homes in the townships ranging from R260 000 for 51 square metres to 100 square metres of land to R560 000 for a three bedroom, one bathroom, 180 square metre unit to 800 square metres.
There are lots of buyers in the price range between R850 000 and R1.8 million for established homes, purchased by young families with a view to upgrading the interiors and restyling the home to their preference.
Buyers of homes priced from R2 million to around R13 million are generally business people.
PGP recently sold two buildings in Kempton Park.
The second was a large block of apartments situated in Kempton Park, sold to a local investor for R5.5 million.
“Underpinning these sales is a growing trend towards the acquisition or construction of office buildings – another positive indicator of investor confidence in the East Rand from both a business and residential perspective.”
As a result of renewed optimism in the market, PGP intends opening three new offices in the East Rand in 2012.
He adds that show house attendance has improved, and is drawing serious buyers as opposed to browsers, while the number of enquiries off the PGP website has increased dramatically across all price ranges. – Denise Mhlanga
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