Buyers and investors take another look at Carletonvile

Posted On Saturday, 12 December 2015 11:15 Published by
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The recent opening of the R330 million Carletonville Mall on the West Rand has re-ignited interest in the residential property market in Carletonville itself, which has, like many mining towns, gone through some challenging times over the past few years.


 
“However, developers don’t just spend R330 million on a brand new shopping mall unless they are sure that there will be enough shoppers in the area who can spend enough to make it successful,” says Ilse Prinsloo, the Rawson Property Group franchisee for Carletonville.
 
“So the fact that the Bentel Group have just opened this 25 500 sqm centre, which is fully-tenanted, has really boosted confidence in the local economy, and there has been a definite increase in both buy-to-own and buy-to-let activity in the residential market over the past two months.”
 
Situated on Station Road, the new mall can be accessed directly from the R501 provincial route between Carletonville and Potchefstroom, and is also intended to serve the consumers of Khutsong, Westonaria and Fochville. It has some 85 stores including restaurants and service outlets, and anchor tenants include Pick ‘n Pay, Woolworths and Cashbuild. Other national chains represented include Clicks, Truworths, Mr Price, Sportscene and Pep.

Carletonville itself lies about 80km south west of Johannesburg and exactly 1 hour away from the OR Tambo airport, at the heart of one of the richest gold-producing areas in the world. It owes its existence to the Witwatersrand gold rush of the late 19th century and is surrounded by seven major mines, including Western Deep, which at 3,749km down is one of the world’s deepest excavations. 

This means that it is also home to thousands of mine workers and young executives, as well as the owners and staff of all the local companies associated with the mines, many professionals such as engineers, doctors and lawyers, and the employees of all the local schools, shops and service providers. 

Consequently, says Prinsloo, there is usually steady demand in both the residential sales and the letting markets, although mining strikes and a fluctuating gold price have caused sales to drop somewhat since 2012, and kept a lid on prices.
 
“The affordability of property here is, however, proving attractive to many young first-time buyers trying to get into the market, and to senior citizens seeking to retire to a well-managed town with good medical facilities and other amenities. With a more relaxed, secure and affordable lifestyle compared to the hustle and bustle of city living, Carletonville is indeed becoming a more attractive town to settle down in." 
 
“There is also rising demand for rental properties now, partly because of the interest rate increases this year and also because many people who come here to work on contract for two or three years prefer to rent rather than buy, and the number of buy-to-let investors has increased in response to this demand.”
 
She says rentals for flats range from around R2000 a month for a bachelor to between R4000 and R5000 a month for a two bedroom, and up to R6000 a month for a three bedroom unit or townhouse. Rentals for houses start at around R6000 a month for a three bedroom unit and range all the way up to about R15 000 a month for luxury homes in the upmarket parts of town.
 
“Flat prices in Carletonville start at just under R400 000 for a one bedroom unit, and we currently have spacious two bedroom units listed at prices from R480 000, so investors can make good returns on such properties.”
 
Home prices in Carletonville start from around R500 000 for an original three bedroom, one bathroom “mine house”. However, many of these have now been been upgraded and depending on their proximity to the CBD and schools, are priced at up to around R750 000.
 
“More modern, ranch-style homes with three bedrooms and two bathrooms are also available in the suburbs and in Welverdiend, about 10km from Carletonville, at prices from around R750 000 to R950 000. For those who dream of building their own homes, there are also many large stands available in Welverdiend, at prices from around R75 000 for 1300 sqm.”
 
However, in the more upmarket areas of Carletonville proper, such as Oberholzer, Hillshaven, Fochville and Extensions 4 and 9, the average price is around R1,5 million and buyers can expect to pay up to R2,5 million for luxury properties, says Prinsloo.
 
“For example, we are currently marketing a glamorous four bedroom, three bathroom home in Ext 4 for R2,15 million. Surrounded by a lush garden, this house also has a separate and private entertainment area encompassing a lounge area, bar, pool room, built-in braai and swimming pool, as well as top-notch security.
 
“We also have other executive homes in the same area listed for R1,3 million and R2,5 million and, for anyone looking for a business opportunity in Carletonville, we are currently marketing a very well-known, four star guesthouse for R4,95 million. This has 10 guest rooms all with en suite bathrooms, spacious conference facilities, a hair and beauty salon and its own gym on the premises, as well as a large garden and heated pool.”

Last modified on Saturday, 12 December 2015 11:55

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