West Rand becoming top economic growth area in the country
MOGALE City, in the West Rand aims to become one of the top economic growth areas in the country, with R5bn worth of new infrastructure and property projects planned for development. As a result, the residential property market in the area is already taking off and many business executives are now choosing to live in its upmarket hillside suburbs.
Eskom is partnering with the city council to spend around R1bn on upgrading and expanding the electrical infrastructure over the next three years. Other major approved projects include a R2bn shopping centre and housing development around the Leratong crossing; the R1,5bn Cradle Mall development and the R1bn Rangeview Extension 4 development close to the Walter Sisulu Botanical Garden.
At the moment these areas offer very good value for money, especially when compared to similar upmarket suburbs closer to Johannesburg. Prices of executive homes here range from around R1,8m to R3m. At the same time, those who must commute find that their offices in Johannesburg, the northern suburbs, Pretoria and Midrand are actually easily accessible via the N14 and various feeder roads.
Buyers at the lower end of the market are also still finding good value. It is still a buyers’ market and has recently sold a small fixer-upper in Krugersdorp West, for example, for R300 000. whereas properties at this level are scarce, and most entry-level buyers target solid, older three-bedroom homes at prices from R480 000 and up.
Younger buyers are interested at the Chancliff, a new security complex that offers neat face-brick units with two bedrooms and a garage at prices between R700 000 and R800 000, while family buyers are most active in the R800 000 to R1,3m price range.