Witbank Property Market Blooms
2007-07-02 · Gauteng
Once dependant on coal, electricity and steel, Witbank is now booming with a far more diversified economy and the property market has never looked stronger.
Andre van Rooyen, Homenet's northern regions manager explains: "In the past, the mines and Eskom were the major drivers of the local property market. But these quasi-government organizations - or 'quangos' in popular parlance - have now divested themselves of their property holdings, transferring ownership to private individuals.
"And in the process, they have fuelled a property boom in the area that has helped to spur the economic transformation of Witbank as a whole."
He says the diversification of the economy has similarly brought about a broadening of the property base, which has opened the way to middle- and upper-class property development and trading.
"The latest trend to emerge on the residential side is residential estates such as the upmarket Bankenveld golf estate on the banks of the Witbank dam, where stands have been selling at an average of R550 000 - and which has been so successful that a second estate is now being planned."
An influx of retail development is further evidence of the economic health of the town, says Van Rooyen, who notes that it has been both a catalyst for and a consequence of increased residential property growth.
"There has also been an increase in the number of commercial property developments, reflecting the ever increasing demand for commercial and industrial property. The latest include the N4 Business Park and the new BHP Billiton head office."
Meanwhile several factors seem set to drive another surge in the local economy, says Van Rooyen. These include the addition of a fifth power station in the area, stepped up coal mining to feed the lucrative export markets via Richards Bay, other new mining investment by the likes of BHP Billiton, and the continuously increasing volume of goods being transported to and from South Africa via the Maputo Corridor, linking SA to Mozambique.
"And indications are that there is sufficient land for the property development that will no doubt follow, although the provision of services is a potential bottleneck. The basic message, though, is that there are significant investment opportunities in the Witbank area."
Andre van Rooyen, Homenet's northern regions manager explains: "In the past, the mines and Eskom were the major drivers of the local property market. But these quasi-government organizations - or 'quangos' in popular parlance - have now divested themselves of their property holdings, transferring ownership to private individuals.
"And in the process, they have fuelled a property boom in the area that has helped to spur the economic transformation of Witbank as a whole."
He says the diversification of the economy has similarly brought about a broadening of the property base, which has opened the way to middle- and upper-class property development and trading.
"The latest trend to emerge on the residential side is residential estates such as the upmarket Bankenveld golf estate on the banks of the Witbank dam, where stands have been selling at an average of R550 000 - and which has been so successful that a second estate is now being planned."
An influx of retail development is further evidence of the economic health of the town, says Van Rooyen, who notes that it has been both a catalyst for and a consequence of increased residential property growth.
"There has also been an increase in the number of commercial property developments, reflecting the ever increasing demand for commercial and industrial property. The latest include the N4 Business Park and the new BHP Billiton head office."
Meanwhile several factors seem set to drive another surge in the local economy, says Van Rooyen. These include the addition of a fifth power station in the area, stepped up coal mining to feed the lucrative export markets via Richards Bay, other new mining investment by the likes of BHP Billiton, and the continuously increasing volume of goods being transported to and from South Africa via the Maputo Corridor, linking SA to Mozambique.
"And indications are that there is sufficient land for the property development that will no doubt follow, although the provision of services is a potential bottleneck. The basic message, though, is that there are significant investment opportunities in the Witbank area."
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