Most of the 350 units in Rustenburg’s new Woodridge residential development have been snapped up - prior to the first brick being laid.
That’s according to Adina Harmse, principal of Harcourts Achievers in Rustenburg, who says that the majority of buyers here, as is thecase in the area’s other new developments, are young professionals keen to get a foothold in the property market.
Purported by its municipality to be South Africa’s most vibrant economic growth centre, Rustenburg’s major economic driver is its platinum group metal mining industry, which she says attracts a steady stream of young career-minded people from around the country. Typically, these twenty-something year olds are drawn to new developments that combine affordability with security and convenience.
Waterfall East is their suburb of choice, she continues. Home to a large selection of lower-cost, secure developments as well as a thriving retail node that includes the giant new Platinum Square Mall, it’s also ideally positioned for mine employees needing easy access to the N4 (?).
This, she says, explains the popularity of Woodridge Park, a secure, modern complex with 350 two- and three bedroom units ranging in price from R550 000 to R650 000. An additional attraction is the availability of 100 percent bonds owing to the banks’ eagerness to lend at this level.
Surrounded by an electrified fence and accessed by remote control only, Woodridge Park is being marketed as a lifestyle estate owing to communal facilities such two swimming pools, an open-air gym and braai area. Four to a block, all units come standard with granite topped kitchen counters, built-in braais, carports and DSTV connections. “This is a winning recipe among our young buyers, many of whom will rent their units out rather than sell them when they upgrade to larger homes,” Harmse says.
All services are in place and construction is expected to commence during September, following the conclusion of the proclamation process.
Other suburbs currently attracting strong buying interest include Protea Park, Cashan and Safari Gardens. “This trend is being driven buyers wanting to upgrade from other, older areas and who have the requisite 10 percent deposits and costs,” she says. Most in demand are freestanding houses which start at around R1,2m and which offer three bedrooms, family bathroom and a garage. There is also interest in townhouses up to R800 000.
While the majority of Rustenburg’s home buyers are shopping in the lower and middle markets, Harmse says there is also demand, albeit limited, for luxury homes in the R2m plus category. Among her office’s top-end offerings is a large, newly listed family home in Safari Gardens with a price tag of R3, 950m, which offers five bedrooms, four bathrooms, new kitchen, granny flat and heated swimming pool.
In Cashan, a home for the discerning buyer wanting four bedrooms, pool, tennis court, granny flat and outside office, will cost around R3,5m.
