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DRAMATIC INCREASE IN ALBERTON'S PROPERTY SALESAccording to Peter Bester, Broker/Owner of RE/MAX Finest in Alberton, the number of sales achieved in February alone this year, was three times higher than at any given period last year. "This is partly due to the industrial and commercial developments along the R59, which caused an influx of potential buyers and tenants to Alberton and surrounds. Such a development is Heineken Breweries, which opened their factory along the economic development corridor in September 2009. New developments in the area, such as the nature and echo estates in Meyersdal, also played a significant role in "putting Alberton on the real estate map," notes Bester. Residential property prices achieved in these two developments ranged between R3-million and R30-million. Aside from Meyersdal, New Redruth and Albertsdal have also seen an increase in estate, townhouse and cluster developments over the last five years. "As such, the demand for vacant land in Alberton remains high," he says. Commenting on the local property market's performance, Bester says that more and more first-time home buyers are entering the market due to the low interest rate. "We're also moving back to the old practise whereby buyers first put their homes on the market and then purchase a new home, as such subject-to-sales are the order of the day." He adds that while property prices depreciated in the past year, profit on distressed properties are being made. Entry-level homes in townships such as Soweto, Tokoza and Katlehong range between R350 000 and R550 000 while entry-level property in Alberton is priced from R600 000 upwards. Mid-level properties in the area start from R800 000 with homes in the affluent areas reaching up to R2-million. "Homes in the last-mentioned price bracket do not stay on the market for long while homes priced at R2-million and above sell but sit on the market for anything between six months to a year," he says. Bester says although current market conditions cannot compare favourably to 2003 whereby a property was sold within 4 weeks of being listed and qualified buyers were ten a penny, RE/MAX Finest recently managed to sell a R650 000 townhouse within two weeks after one show day. "Now that is a record given the current market we're operating in," he says. Adrian Goslett, CEO of RE/MAX of Southern Africa says the fact that Alberton is well situated with easy access to all major routes, good hospitals and schools makes it a great place to live. "Recent upgrades to landmarks in the area, such as the Clinton Hospital's new oncology wing and alterations to Alberton City will have a positive impact on future property prices in the area," adds Goslett. "We're also looking forward to the regional shopping mall to be erected where the Newmarket Race course has always been," Bester concludes.
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