In the area - Parys

Parys market picks up

Recent weeks have seen increased demand for residential property in Parys on the banks of the Vaal River.

Pierre Boucher of the local Aida office says buyers’ confidence has been boosted by the fact that interest rates have remained unchanged since August. “Many buyers view the development as a sign that the tide is turning and that right now is an excellent time to get into the market.”

He adds that buyers are still offering between five and 10% less than asking prices but that sellers seem under little pressure to accept lower offers. “Sellers who were under pressure have mostly sold in the past six months and sellers now offering property are prepared to wait up to six months to attain their asking prices,” he says.

“Nevertheless we have noted increased demand, especially among buyers from Johannesburg who want to settle their families here and commute to their city jobs. This class of buyer is typically interested in property in the R700 000 to R1,1m price range, although there is also keen interest at the lower end of the market where R500 000 will buy an older three-bedroom home with single facilities.”

Parys is also attracting young families thanks to the thriving local schools and the town’s proximity to the technical high school in Potch about 50km away. The town’s residential market also still benefits from interest among investors, notably farmers in the area, who are buying units with a view to retirement.

Guesthouses are still in demand, buoyed by demand for weekend accommodation among the many visitors attracted by the lively street culture over weekends and holidays. Parys is known for its cosy coffee and antique shops.

Prices for guest establishments vary widely, depending on location and facilities, with those on the banks of the Vaal fetching premiums. Boucher says his office is currently marketing the Waterfront guesthouse with a prime location at R4,84m. The establishment features eight bedrooms and bathrooms as well as a separate apartment.