In the area 3 – Midrand

Investors pile in as Midrand rentals flourish

Midrand’s rental market is flourishing and investors who have spotted the gap are buying up two and three sectional title units at a time to let out.

That’s the news from Zakes Myeza, owner of the local Chas Everitt International franchise, who notes that both homebuying and new developments in the area have tapered off in line with current property market trends.

“Sales are occurring in Midrand’s more affordable areas such as Vorna Valley, Noordwyk and Erand, where properties are priced at between R500 000 and R800 000. Properties priced between R750 000 and R1,2m at Halfway Gardens and Kyalami Hills are also selling but the banks are making life very difficult for prospective buyers.

“Most of those who can afford to purchase right now can only do so because they’ve sold their existing homes or are more affluent buyers who can afford to buy for cash in the R1,6m to R3,6m bracket.

“The upshot is that the rental market is flourishing, and investors are finding advantage in the situation. They are buying up units cheaply and finding ready demand for them at between R4000 and R5500pm.”

Meanwhile, Myeza is expecting positive property spinoffs from the huge new mixed use development named Zonkizizwe which is taking place around Grand Central Airport. “It will undoubtedly create new jobs, which in turn will draw buyers to the local property market and increase property values.

“Right now, though, those who can afford to buy should being doing so as sellers are open to negotiation and they will be able to pick up some great bargains.”

Article by: www.chaseveritt.com