01 Aug 2013
Strong demand in Alberton's residential property market is expected to lead to growth in the near future.
David Enslin, owner of the local Harcourts 1 Vision, says the city on Johannesburg's south-eastern border is already undergoing modernisation and densification.
He says the reasons for Alberton's popularity include schools, established infrastructure and job opportunities in the industrial and commercial sector. "And as a consequence of growing demand, home prices here are starting to outstrip those for equivalent homes in other centres surrounding Johannesburg."
Enslin’s agency is involved in several densification projects in the suburb, New Redruth, where 2 000 square metre stands are being subdivided to make room for cluster developments of between four and eight units. Similar developments are being undertaken in the suburbs of Alberante, Raceview and Alberton North, where even greater densification is being proposed.
The freehold units are selling fast and finding favour among buyers in the LSM7 and higher income groups at prices from R1.25 million to R1.9 million. Buyers with young families are especially active at the lower end of this range, which offers three bedroom, two bathroom homes.
Units at the top of the range, which offer four bedrooms, three bathrooms and double garages on stands of 500 square metres, attract buyers with larger families, while those who are downscaling prefer the mid-priced units.
Meanwhile, starter homes in the townships on the periphery of the city are attracting new entrants to the market at prices from around R250 000. But Enslin says the most current activity is in the R800 000 to R1.5 million price range, with older homes offering three bedrooms and two bathrooms in suburbs such as Albertsdal, Brackendowns Extension, Mayberry Park, General Alberts Park, Florentia and Alberton North being popular among first-time buyers. Many of these homes are being upgraded and modernised by new owners.
He says the buyers are typically parents who both work and they are buying 'location' to take advantage of nearby schools and convenient shopping and other facilities, within an excellent infrastructure.
Buyers in the top end of the local market are active in lifestyle estates where prices in the Meyersdal Nature Estate, for instance, start at around R3.75 million. The adjacent Meyersdal Eco Estate is also attracting buyers at prices from around R6 million. Enslin notes that in contrast to other areas where densification is evident, low density is one of the strong attractions of the lifestyle estates. In Meyersdal Eco Estate, for example, only 15 percent of the estate is being planned for development and residents enjoy large stands with an average size of 2 000 square metres. The remaining portion of the estate is reserved for wildlife and natural flora.
Enslin says that in order to prepare for the expected growth of the market, his franchise is currently on a recruitment drive for more experienced agents. He says they plan to quadruple their sales staff in the next two to three years and will double the current number before the end of the year to cope with growing activity in the market.
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