Units in townhouse complexes near the Gautrain station in Centurion are starting to attract investor interest.
"Interest in these units is one of the signs of growing confidence in the area," says Riëtte Oosthuizen, office manager at the local RealNet office.
"We expect demand for units in Centurion to pick up considerably within the next 12 months or so as the station complex nears completion. But early bird investors are already targeting these units and are expecting to see good yields," she says.
Standard two-bedroom, two-bathroom townhouses with lock-up garages in Centurion sell at prices between R500k and R800k.
Oosthuizen adds that townhouses and duets in areas such as Highveld, Wierdapark, Eldoraigne and Rooihuiskraal at prices of up to R1,3m are also increasingly finding buyers. "Buyer confidence has been boosted by lower interest rates and banks' softened stance in approving bond applications.
"Although banks are still carefully vetting applicants, lower deposit requirements and, in some cases, 100% bonds being offered have stimulated demand in our area, especially among first-time buyers who now see their way clear to get a foot on the property ladder.
"In this regard, it is also pleasing to find that many first-time buyers have managed to save or otherwise obtain deposits of up to 10%, in sharp contrast to just a few months ago. This is an encouraging sign that new market entrants are taking homeownership seriously enough to put down some of their own money."
Charmaine Coetzee, manager of Pam Golding Properties (PGP) in Centurion, says the last four months has seen a wave of prosperity in the Centurion market.
"Our sales are back to pre-recession levels and properties across the residential spectrum are back in demand. Buyers are snapping up entry-level properties as well as those over R4m. But the biggest demand lies in the segment between R800k and R1,3m.
She says the shortage of stock is a real problem in Centurion. "Distressed sales have all but ceased and the middle-income group doesn't have enough money yet to upgrade to more expensive properties." – Eugene Brink
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