Despite many challenges facing the JB Marks local municipality, one of its cities is experiencing a boom in property sales.
A real estate agent in Potchefstroom, North West, told Sowetan that demand for residential units was so high in one of the townships that potential buyers had to be placed on a waiting list.
Sarah Nhlapo, a sales associate at Remax Potchefstroom, said the low interest rates climate has resulted in some people having more disposable income after paying off their short-term debt.
And they are using the funds to get into the property market, she said. “Potchefstroom on its own is a big market, as there are always people who are looking for homes.
“We have seen that many people are starting to buy instead of renting houses. The market has been very good, be it in town or township,” she said.
Nhlapo said people were so keen to buy property in Ikageng township that houses were usually snapped up within a week or two of being advertised for sale.
“This is because there are not many properties that are being sold, making the demand exceed the supply to a point that we have a waiting list of buyers,” she said.
Average prices range between R400,000 and R600,000 for modern housing structures, while RDP houses are selling for between R120,000 and R200,000. In Potchefstroom central, houses range from R850,000 to R1.2m.
“The price, however, is higher as you go into the suburbs,” Nhlapo said.
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