Young buyers comprise a third of all home buyers in the Vaal Triangle

With accessibly priced homes, young buyers in the predominantly freehold housing market in the Vaal Triangle towns of Vanderbijlpark, Vereeniging and Meyerton account for approximately a third of all residential property purchases in these areas in 2022, report Pam Golding Properties area principals, Laurette Wolmarans and Deidre Nel.

According to Lightstone statistics, the median price of freehold homes sold last year (2022) in these Vaal Triangle towns was around R1 million, ranging from R950 000 in Vanderbijlpark to R1.195 million in Meyerton.

Says Nel: “We are definitely seeing more young first time buyers, in the age group from 30-39 years, because of the affordability of homes in the various areas. The Vaal Triangle in general is the ideal place to raise a family – it’s a diverse community from lower budget living – but with great amenities, to high end living offering luxury at more affordable prices. Because of the value for money, quieter, laid-back ambience yet with busy centres like Johannesburg only about 40km away, we are seeing a great deal of buyers purchasing here and travelling for work as required.

“Although the value of residential property in our suburbs has increased, we still have appealing homes available under R1 million, with most of these being freestanding. Some of these homes are old and need renovation, but a good, solid and neat home, even if smaller, will sell fast if priced correctly and pegged under the R1 million mark.

“However, if it’s riverfront property you are after, frontline homes in estates sell from R3 million upwards, while freestanding riverfront homes on large erven can fetch from R6 million.”

All three towns have registered strong growth in residential property prices over the past 10 years (2013 to 2022), with Covid appearing to have had little impact on the continued positive growth in prices.

Increased sales

According to Lightstone statistics, sales in Vanderbijlpark did not slow in 2020 but have nonetheless rebounded strongly in both 2021 and 2022, while in Vereeniging, sales slowed marginally in 2020 have also since increased sharply, with sales in both 2021 and 2022 the highest recorded since 2013. Sales in Meyerton rose in 2020 and sales recorded during the past two years are the highest seen in the past decade.

Elaborating further, Nel says in the Meyerton and Midvaal area in general, which has developed considerably over the years, townhouses or freestanding homes within secure estates can be acquired for around R1 million and at times lower. “These areas are becoming more and more in demand due to the well-run municipality.”

Adds Wolmarans: “Properties selling rapidly are usually priced between R800 000 and R1.2 million in the areas of Three Rivers, Vereeniging CBD, Falconridge and Sonland Park; Vanderbijlpark CE and CW areas; and in Meyerton, in particular homes in residential developments and lock-up-and-go properties.

“Other security estates in the areas of Vereeniging and Vanderbijlpark offer properties for sale priced from R1.5 million up to R4 million plus, depending on the estate, river access and the area.

“Vereeniging is home to some wildlife and river estates, including Jazella del Rio, Summerview, Zuikerbos Landgoed, and in Vanderbijlpark – Emfuleni Golf Estate and Riverspray Lifestyle Estate amongst a few smaller yet high end estates. Summerview property starts at around R3 million for a four-bedroom house of approximately 280sqm, while in Jazella del Rio, although most properties sell above R3 million with larger homes priced above R4 million, you may find a small, older home on a stand of around 600sqm in the region of R2.5 million.

“As far as apartments are concerned, CBD areas in general are well priced between R200 000 and R400 000 for units in older buildings., while newer apartments or those in newer areas are selling from R500 000 upwards – again depending on the location and how old or new the complex is.”

One way in which the markets in the Vaal Triangle differ is the percentage of stable owners (who have owned their properties for more than 12 months), who are retirees. In Vereeniging, 40% of stable owners are retirees, in Vanderbijlpark also fairly high at 26% with Meyerton close behind at 23%. (Lightstone stats)

Says Nel: “Vereeniging is home to a lot of retirees, and we find most of them in our more ‘exclusive’ areas such as Three Rivers East, for example. Younger families are trying to move in, but these homes are older and large, which means that renovations will be costly, while stand sizes are usually around 2 000sqm and more, so maintenance may become an issue for them. A number of our retirees are moving into retirement villages here and in surrounding areas, in order to remain close to their friends.”

“There are plenty of health care facilities available, mostly in Vereeniging and Vanderbijlpark, such as Medi Clinic, the Midvaal Hospital in Three Rivers, Vereeniging, and Cormed Hospital in Vanderbijlpark. Three Rivers, a suburb where our offices are situated, offers more facilities which makes it the most popular area in Vereeniging. We plan to open a satellite office in Vanderbijlpark in the near future.”

Wolmarans says the Vaal Triangle attracts numerous buyers from other regions, especially for work purposes such as transfers or new appointments at industries such as SASOL, Rand Water, Mittal and the like.

“We also experience a high demand from buyers from various townships, either young and preferring to be in town or older families who wish to relocate into the towns while still retaining their properties in the townships.

“In addition, we see numerous ‘inter-region’ transactions among those buying in the town ‘next door’, because we are so close, or due to better value for money obtainable in different areas. A very popular move is to Midvaal.”

For further information contact Pam Golding Properties Vaal Triangle office on 016 423 4622 or email vaaltriangle@pamgolding.co.za.

Posted by The Know - Pam Golding Properties