South Africa
Home Prices High in Jam-Packed Mthatha
Mthatha (formerly Umtata) in the old Transkei region is bursting at the seams, and urgently needs new housing development to alleviate stock shortages. The town benefits from strong spending power, explains Kim Thomson, owner of leading local estate agency Harcourts Mthatha, as about 80% of residents are government employees and the rest mostly professionals such as doctors and lawyers.
“It also serves a large rural community and lately, there has been a strong inflow of contractors working on various infrastructure projects. At the moment, for instance, there are 55 schools under construction in surrounding areas area and the majority of the contractors working on these are from elsewhere and require local accommodation.”
However, she adds, Mthatha only has about 14 000 housing units, which can only satisfy only about 60% of current demand. “The town urgently needs at least 10 000 to 12 000 additional units but privately-owned development…
Tags: East London, Harcourts Mthatha, Kim Thomson, Mthatha, Transkei, Umtata
Sellers cautioned not to self-sabotage
South Africa’s residential property market is showing signs of improvement, as evidenced by increased enquiries from prospective buyers, improved show house attendance and stock shortages in a growing number of areas.
That’s the word from Richard Gray, CEO of Harcourts Real Estate SA, following the release of FNB’s April 2013 House Price Index, which reports “mildly positive growth” during the first quarter of 2013, with the likelihood of further value gains in the second quarter.
“As a group, we’re seeing a widespread uptick in terms of buyer interest. From being in the doldrums for the last few years, the market appears to be on the road to recovery, with house price growth in popular suburbs on track to exceed inflation in real terms for the first time since 2008,” he says.
However, he warns, the positive spinoffs of an improving market are likely to be experienced by only…
Tags: harcourts real estate, Harcourts SA, Richard Gray
Boksburg booms!
Boksburg, described by mining commissioner Montague White in 1888 as one of the most uninviting spots he’d ever seen, is today one of Gauteng’s more attractive and sought-after cities as evidenced by its growing population: according to the results of the last Census, it has grown from 158 600 residents in 2001 to more than 445 000 in 2012.
That’s the assertion of Brian Dugmore, principal of Harcourts Anchor in Boksburg, who says the area bears no resemblance to the dry, tree-less expanse of the late 1800s. “Boksburg has literally turned into an oasis, not only with regard to its environmentally attractive setting and thriving industrial and retail sectors but also because of its wide range of property offerings in all price ranges” says Dugmore.
Less than 20km to the centre of Johannesburg and with its own thriving industrial zone in the form of Jet Park, it’s…
Hillcrest rivals Kloof as top Upper Highway suburb
Home buyers with serious spending power in KwaZulu-Natal’s Upper Highway area had only one suburb in their sights until a few years ago: Kloof.
However, the lush residential suburb that grew out of a weekend and holiday retreat for wealthy Durban residents can no longer lay claim to being the only top-of-the-hill destination, avers Murray Aberdein, principal of Harcourts Suburban Spaces.
Aberdein, whose company recently joined the giant Harcourts group after five years of successful operation as an independent, explains: “Hillcrest, long its countrified neighbour, has superseded Kloof as the economic hub of the Upper Highway on the back of intense and large-scale commercial, retail and residential development. The centre of Hillcrest today bears no resemblance to the little village of ten years ago, and the smallholdings and sugar cane fields that characterised the area have now made way for acres of prime secure estates such as…
Tags: harcourts, Harcourts Suburban Spaces, Kirtlington, Kloof, Murray Aberdein, Properties in Hillcrest, Upper Highway
Northern suburbs property greets 2013 with positive growth
Property prices in Cape Town’s northern suburbs are finally showing positive capital growth – the first time since 2008.
That’s according to Etienne Labuschagne, Principal of Harcourts Select, one of Harcourts Real Estate SA’s newest members.
Labuschagne, who heads up a team of 20 qualified “cherry picked” estate agents, says house prices in his area of operation, which comprises Bellville, Durbanville, Brackenfell, Kuils River, Parow and Kraaifontein amongst others, are showing growth of around 5% year-on-year. This he attributes to a number of factors, not least of all that the recession is receding, a belief supported by his company’s record turnover last year, after doubling its 2011 sales volumes.
However, he points out, buyers are still extremely price conscious and affordability therefore remains fundamental to continued market momentum. This is one of the reasons for the growing popularity of the area, which he says offers better brick-and-mortar…