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Residential Property
Perennial Pietermaritzburg Appeals to Broad Cross-Section of Buyers
The residential property market in Pietermaritzburg – capital of KwaZulu-Natal – continues to show resilience with steady sales, reports Barbara Becker, area principal for Pam Golding Properties.
"For many reasons, including availability of good schools - which is a huge drawcard for families - and the number of government employees here, our market comprises mainly primary home buyers. Buyers also tend to be employees rather than self-employed, so from a financing perspective banks are currently tending to look more favourably on the former. We also find that breadwinners are often willing to commute to places of work – including Durban, which is easily accessible - in order to give their families the benefits of Pietermaritzburg's highly appealing lifestyle, in a pleasant environment," says Becker.
"To our advantage is that we are also able to tap into a broad cross-section of purchasers, including expatriates returning home, young buyers 'sponsored' by their parents, new middle class buyers, farmers whose farms have been subjected to land claims, shared buyers ie two young people who may be friends, partners or siblings purchasing a home together, and investors moving away from stock market investments. We also have second home buyers purchasing a home in the area mainly for weekend use as opposed to buying as holiday homes - as their children attend boarding school here."
Becker says while most of their buyers are in the price range under R2 million, they have a good demand for homes at the top end of the market priced from R3 upwards. "However, we do have good buys offering good value for money across all sectors of the market, with prices relative to area and location," she says.
At a new residential development, RiversEnd, well situated within walking distance of the highly successful Liberty Midlands Mall, the first transfers go through in June (2009). PGP has sold approximately a third of this development which comprises 480 apartments in total.
Says Becker: "We are now finding tenants for the investment buyers at this development. The main hurdle at present is the banks as bond approvals are very slow and lending criteria very onerous which is why in the instance of young buyers parents are having to assist financially.
"One of our most interesting new projects at present is a 140-unit, sectional title development situated as a lifestyle village within the Victoria Country Club estate, which is aimed at the over 50's market. Most of the units will be two or three bedroomed ranging from 150 to 230sqm, all with two bathrooms and a double garage, priced from R1.762 million including VAT. These units, which offer wonderful views of the greenbelt or of the city lights, are designed to suit older occupants, with secure access from garage to house, no stairs and large covered patios. The landscaped village will have its own 'step-down' facility and community centre, with assisted living apartments in close proximity. Being a village within the secure Victoria Country Club Estate the owners will enjoy all the benefits of the Victoria Country Club while also having their own exclusive facilities," she adds. A full frail-care facility will be provided by the developers to service the entire estate once the lifestyle village has been developed.
The Victoria Country Club Estate consists of five villages. Clubhouse Village has not yet been developed or marketed. Park Village, which overlooks the golf course, is sold out with a number of homes built and occupied, or in progress. Town Bush Village, which comprises 209 sites and is divided into five sub-villages located below the golf course, has only five unsold development sites left, each priced at R350 000 including VAT. More than 30 homes are built and occupied or are under construction in this village. Cascades Village is the last to be launched and is situated in mature parkland around the north end of the golf course adjacent to Queen Elizabeth Park. Boasting magnificent park, valley, golf course and city views, it has 50 sites still available priced between R500 000 and R1.368 million (including VAT). Thirteen sites have been sold, and two homes have already been built and occupied in this village. Montrose Park Village, which incorporates the new lifestyle village aimed at the more senior market, also includes apartment blocks and an office park.
For further information contact Pam Golding Properties Pietermaritzburg on 033 3428108 or email pietermaritzburg@pamgolding.co.za
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