Housing in Southern Africa

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July 2015
Housing
Newcastle’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
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
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.
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Increased confidence in Newcastle
Construction 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 Developers 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
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. ■
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.
The team from Asrin