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Springs affordable market picking up

05 Nov 2008
Increased demand for affordable homes in the Springs area is resulting in sellers finally dropping their prices in order to sell. This is helping to draw buyers to the area.

Further evidence of this fact is the new Hlanganani Village in Sharon Park, says Steyn de Wet, owner of the Realty1 office servicing the Springs and Brakpan areas.

"The Hlanganani development is offering units at prices that even first time buyers can afford," says De Wet. "Starting with a studio apartment going at R169k, there are various different size units ranging in price up to R395 for a 3 bed, 2 bath unit."

De Wet says that Nedbank and Standard Bank are offering 100% bonds on these units, which is unusual in the current market but in keeping with the banks' commitment to fund affordable housing.

The second-hand sales market reflects the same trend, says De Wet. "Properties up to R600k in price are in high demand, and most buyers want a three bedroom house with good security, including a lock-up garage, for that amount."

Areas that are drawing interest at present are Selcourt, Selection Park, Petersfield and Edelweiss, says De Wet. "All these areas offer good value for money and are located close to amenities," he says.

De Wet says his office does not offer rental services, but he is aware that the demand for rentals is high due to the difficulty in affording a bond at present. "Owners are renting out their homes for less than their bond repayments in an effort to avoid losing their property," he says.

And what about commercial property? "We have a renovated property on our books that can be used for offices or residential purposes," says De Wet. "No 31, 11th Street in the Springs CBD is currently on the market at R450k."

The future of the Far East Rand market looks set to pick up soon with the Union Carriage and Wagon's (UCW) investment of R15m in its Nigel assembly plant. The plant will assemble 81 of the 96 Electrostar carriages for the Gautrain, creating 85 new jobs for the area starting in late 2008. And with residential developments like Hlanganani offering starter homes at affordable prices, buyers in the area will finally have something to make an offer on.

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