The Estcourt and Central Drakensberg franchise of a local real estate company has sold a home situated in upper Drakensview for a record price in this area. The company's franchisee also discusses Estcourt and Drakensburg's current property market trends.
The 4 bedroom, 3 bathroom home with lounge, TV lounge, dining room, and double lock-up garage sold for R810k. "Good selling prices can be achieved in Drakensview, which is perceived as an upmarket area. It is highly sought after by government employed, previously disadvantaged people, who are subsidised buyers, and who wish to upgrade to this more secure area," says Pam Golding Properties franchisee Alan Jennings.
"In Estcourt itself, the residential property market is following national trends with properties staying on the market slightly longer - approximately 30-45 days - before selling, if realistically priced. Unfortunately, some sellers are still demanding prices which were being achieved 6-12 months ago, even though the market has changed. From a rental perspective Estcourt is still experiencing a shortage of homes to let. This is due to the fact that it is still cheaper to buy than build, resulting in reluctance among some developers to enter the residential market," he says.
Jennings says commercial property in the Estcourt CBD is in short supply, and while a number of well-known franchise businesses have expressed interest in investing in the Estcourt market, it's extremely difficult to find suitable commercial property in or around the CBD area.
"However, business confidence is on the up. Brokenshas General Motors is currently spending R1,5 million upgrading their vehicle showroom, workshop and offices, while Tall-Tree BP garage has recently invested R2 million extending and upgrading the forecourt, and Mortimer Toyota are also in the process of upgrading their forecourt. In addition, Wimpy is presently in negotiations to establish a franchise in Estcourt."
He says the 40 000ha Gongola Big Five game reserve situated between Estcourt and Mooi River is still on the cards after a number of years of negotiations between various stakeholders, and it is anticipated that the go ahead will be given within the next 6-12 months. This should have a significant positive impact on property values in the area, particularly properties which are in close proximity and which can be converted into B&B's.
Commenting on the Central Drakensberg area, Jennings says property prices have increased by 20 percent on average over the past year, and that there is still a high demand for properties and land in this area.
"The Central Drakensberg has seen a number of new developments launched fairly recently. PGP is currently marketing Ntabamoya, which comprises 25 sectional title units - of which 15 have already sold - located on 4000sq m plots within a 445ha private game reserve. The 187sq m single storey units consist of three bedrooms, two bathrooms, open plan kitchen and lounge, and are priced at R1,2 million, while the 245sq m double storey units comprise four bedrooms, three bathrooms, open plan kitchen/lounge and garage, priced at R1,5 million. This development has high appeal for those wanting to escape the urban rat race either on weekends or during holidays, or as a retirement home."
New on the market is Thaba Nkulu, a residential development which offers views of the renowned Cathkin and Champagne Castle peaks. The thatched 150sq m, fully furnished three bedroom, three bathroom units with open plan lounge/kitchen, swimming pool and scenic views from all bedrooms, are selling at R80 000 per week on a timeshare basis.
A number of large dams for water sports are to be built on the property for the use of residents, while an existing house with panoramic 'Berg views is being converted into a clubhouse.
"Located only two to three hours from Durban and Johannesburg, these timeshare units will appeal to anyone wishing to spend their holidays in this wonderful World Heritage Site," adds Jennings.
Image: View of a home at Ntabamoya in the Central Drakensberg area.
For more information contact 036 3523456 or send an email. Click here to visit the website.
Readers' Comments
Have a comment or question about this article? Tell us about it..
Looking for a new home?
To find a property to buy, visit Find a Property and view listings of properties in all areas. Check out the PropertySPI and get an affordable online report on actual sold prices of properties in your area.
Property News
Click here for more property news articles.