High demand for residential property in Polokwane

So says Ruth Maponya, principal of Harcourts Polokwane, adding that the trend towards home ownership in her area is gathering momentum on the back of ongoing job creation and a thriving local economy. She believes the economy is on track for further growth should pipeline plans for new office parks, a multi-million rand lifestyle shopping centre, an international convention centre and low cost houses receive the green light.

"Our buying pool currently includes graduates and other newcomers to the workplace as well as existing property owners wanting to move to larger homes in more exclusive suburbs. There is also demand from residents who, though working in other towns, want to buy a place to call home when they return to live here some day," Maponya says.

Focus is on location

Regardless of budget, the main focus at all buying levels is on location, with the ultimate go-to suburb being Bendor. "Even first-time buyers with limited budgets have long-term plans to trade up until they can afford to live in the high-end suburbs," she says. "Rather than settling for the first available roof over their head in their price range, they're taking their time to look for properties in locations that will allow them to sell for a decent profit in a few years' time."

Currently, Polokwane's entry level properties comprise bachelor flats and low cost houses in areas such as Bo Dorp and Doornkraal. Her best value-for-money offerings in this category at the moment are a 45m² flat for R420 000 and a low-cost house, priced at R450 000. In the middle price range, Polokwane is accommodating buying interest in suburbs such as Bendor, Flora Park, Faunapark and Ivy Park, where a three bedroom house with two bathrooms, lounge and diningroom costs around R850 000.

Bendor offers a wide selection

Most successful business people stay in Bendor, which is home to the upmarket Mall of the North as well as good schools and high-end office parks. People want to be where things are happening and where they know that their properties will accrue in value. Starting from R1,2m and attaining prices of up to R8m, the suburb offers a selection of beautifully maintained, luxury residences, many of which are set in security estates.

Aside from being a sought-after residential destination, Polokwane is also a magnet for tourists owing to its proximity to Zimbabwe, Mozambique and Botswana as well as the Kruger National Park and a host of other wildlife attractions. In addition, Polokwane is being increasingly singled out by investors who see untapped opportunities for development in the tourism, agricultural and retail sectors.