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Buy now to beat the rush in Polokwane

06 Mar 2015

Prospective buyers in the Limpopo capital of Polokwane should stop waiting for homes in new developments and get their hands on a pre-owned property as fast as possible.

This five bedroom home in Bendor is situated in a quiet area within walking distance of a shopping centre. It has water slide leading to a swimming pool with a covered patio and built-in braai, and is on the market for R2.13 million - click here to view.

This is according to local RealNet franchisee, Maryna van der Merwe, who says she has it on good authority that the city’s current moratorium on new residential development is going to last a lot longer than anyone initially believed, and that there is unlikely to be any new stock released into the Polokwane market for the next five to seven years.

She says Polokwane has a growing population due to an influx of people from the surrounding rural areas and the local authority has acknowledged that the shortage of social housing has reached crisis proportions, a fact which has infrastructure implications for the entire property market.

“But the moratorium has already been in effect for three years and no one can hold their breath for another five years if they want to buy a home, so I foresee that the demand for the existing stock is going to rocket, and that prices will follow suit.”

Consequently, she says at the moment her team is concentrating their resources on finding the best pre-owned homes available for their buyers.

As it is, competition for stock is heating up, as demand for housing in Polokwane continues to rise, says Van der Merwe.

This three bedroom townhouse in Bendor has an entertainment area with two built-in braais, one for wood and the other one for gas, and a well-maintained garden which is irrigated by borehole. It is on the market for R1.64 million - click here to view.

“We had an extremely busy December and January, with up to 30 calls a day from prospective buyers, and we even sold a property that had been on the market for more than a year.”

The highest demand at the moment is for houses priced at R800 000 to R1.1 million, which can be found in the popular Fauna Park and Flora Park or the new extensions like New Flora Park and New Ivy Park, she says.

There is also very high demand for serviced stands, which are of course few and far between, and growing interest in the upmarket suburb of Bendor which offers large houses on ample stands for between R1.2 million and R3 million.

“However, we find that prospective buyers are still exercising a lot of caution when making purchases as they have not forgotten the past recession.”

Pre-owned homes have an advantage in this regard, though, because you can see what you are buying and, for the time being at least, the per square metre prices are lower, which means that you get more house for your money, she says.

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