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July 2015

Housing

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

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.

For further information, email:

samantha.wade@pamgolding.co.za

Increased confidence in Newcastle

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

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