Press Release - 19 July 2009

Property sales are flourishing in Norkem Park and Birch Acres, the most affordable suburbs of Kempton Park, as buyers from the neighbouring township of Thembisa use the opportunity presented by the current property downturn to upgrade.

Diane Cross, sales manager of the local Chas Everitt International franchise, says two-bedroom homes in Norkem Park are now available from as little as R425 000, and that many buyers here are taking advantage of the fact that FNB is offering 100% bonds to clients earning less than R15 000pm.

Meanwhile, those with cash – or at least enough cash for a 10 or 15% deposit – are targeting freehold homes in areas such as Birch Acres, where prices start at around R450 000, and sectional title homes elsewhere in the town which are selling from R350 000.

And, she says, with rental demand running high and three-bedroom, two-bathroom homes currently letting easily for around R5000pm, investors are starting to target this type of property in areas such as Glen Marais, where properties can be bought for R850 000.

Additional good news for the local property market is that new development has virtually come to a standstill and demand has consequently swung to existing homes.

“So although buyers are still being cautious, we believe that the market has bottomed out and that the worst is over now,” says Cross. “Once the banks relax their lending criteria the Kempton Park property market should improve significantly.

“That said we only expect a real upswing at the end of 2010. The fact that Kempton Park is very central, enjoys easy access to OR Tambo and offers a good variety of homes to suit every pocket will of course work in its favour when the time comes.”

ISSUED BY

CHAS EVERITT INTERNATIONAL

FOR MORE INFORMATION CALL

DIANE CROSS ON

011 453 5599 OR VISIT

www.chaseveritt.co.za