Housing in Southern Africa July 2015

Housing

Increased confidence in Newcastle

N ewcastle’s property mar- ket has slowly but steadily climbed out of the recession. According to Samantha Wade from Pam Golding Properties in New- castle. “A further sign of renewed confidence in the area is the re- commissioning of Siltech, a silicon factory situated about 20km from the town, which had closed down about two years ago. Due to New- castle’s strategic location between Johannesburg and Durban, the town is also used as a regional base by a number of government depart- ments. The economic importance of the Memel Road conduit or R34, which spans approximately 100 km, linking Memel and Vrede in the Free State with Newcastle in KZN, had been lost over the past few years. Its uncompleted roads having steadily deteriorated into non-existence and have now been revived. Recently major roadworks began in order to upgrade this vital passage between Gauteng and KZN, with the impact of this still to unfold. However, the roadworks for the upgrade of the Newcastle/Ladysmith route is now complete.” Having largely been absent for some years, property developers are once again emerging and expressing an interest in acquiring vacant land to develop. “Two townhouse developments, Parklands and Bishopscourt in H u t t e n H e i g h t s , h a v e s o l d

Strategically positioned mid-way between the cities of Johannesburg andDurban, the townof Newcastle inNorthernKwaZulu-Natal has seen an injection of capital investment over the past several years, with key road infrastructure projects and a significant increase in confidence among residential property developers and investors.

professionals, starting out in their careers. They may relocate at some point in the future, but generally do not wish to commit to a large prop- erty, preferring a duplex unit or an apartment. As rentals are particularly scarce in this sector of the market, the lack of supply is fuelling sales to a large degree. Generally, rental stock is in high demand across all categories. Sectional title townhouses are also highly sought after and very hard to come by. For further information, email: samantha.wade@pamgolding.co.za mand for stock particularly in the Big Bay’s waterfront node. Many people have realised that this is possibly their last chance to buy a unit that is well priced. The commercial banks are also realising the value here, with the big four willing to provide loans without any problem,” said Hassan. He added that purchasers seem to be well informed and committed before signing an offer. “There are many features that makes this development appeal- ing including the sandy beaches nearby, a view of the ocean, central communal courtyards and security. If one compares other beachfront areas, the value for money at Azure becomes truly evident.” The development offers afford- able housing for the middle income market. ■

exceptionally well. In affordable housing prices the benchmark in Amajuba Park, Ncadu and Barry Hertzog Park have escalated and homes that originally cost R500 000 are now selling for up to R750 000,” says Wade. She says residential property purchasers in Newcastle are across the board, from young professionals and growing families tomoremature buyers and also investors. “The profile of our younger buy- ers is usually someone employed in a government department or young C onstruction is well underway at Azure on the Bay in Big Bay, Cape Town. The development is located 25 kms from the Cape Town City Centre and on one of the city’s northern most beach suburbs. Asrin Property Dev elopers have completed the foundations of the basement and supporting column. According to Asrin Construction Director, Shiraz Onia, with postcard views of Table Mountain almost 80% of the units have been sold. The project is due for completion in July 2016. Asrin Comm ercial Director, Shi- raaz Hassan said that the market has responded very well to two fac- tors, the first being the beginning of construction and the second is the renewed confidence in the property market.” “We put this down to the high de-

Azure on the Bay

The team from Asrin

July 2015