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New homes priced from R600k in Rustenburg

02 Jul 2015

Although Rustenburg is still feeling the aftershocks of a local recession caused by last year’s lengthy mining strike, the town’s real estate market is recovering and demand is especially strong in the lower price categories.

This home in Rustenburg has two bedrooms and is selling for R357 000 - click here to view.

This is according to Adina Harmse, principal of the local Harcourts franchise, who says internet listings of homes for sale are helping to drive exposure and interest at the moment, and stock shortages are developing in the R300 000 to R1.5 million price range.

Harmse says the overall market is still slow and buyers are price-conscious, but this is helping new developments which are selling out quickly because there is no transfer duty to pay. There is a lot of construction in Sunrise View and Thlabane, where developers are releasing homes in the R600 000 to R750 000 price bracket, and new suburbs like Waterval East have seen substantial price growth in the last year.

Buyers are also keen to purchase pre-owned homes for less than R750 000 to avoid transfer costs, so property in this price bracket is particularly sought after.

This two bedroom townhouse in Waterval East is on the market for R560 000 - click here to view.

“However, sales are much slower in the R1.5 million to R3 million range, and prices are stagnant in older upmarket suburbs like Protea Park. In addition, there are still many instances of sellers pricing themselves out of the market and only receiving offers for much less than their asking price,” she says.

Harmse says meanwhile, several Johannesburg and Cape Town companies are trying to source land in Rustenburg for both commercial and residential developments, particularly in the affordable housing category.

“And confidence in the town’s economy is being restored as locals observe investors put money into infrastructure upgrades, new office buildings and new mining opportunities,” she says.

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