Learn more about Moreleta Park from local property experts.
Who is buying property in the area?
Moreleta Park has been particularly popular among buyers under the age of 49 recently, with around 46,05% of recent buyers between the ages of 18 and 35 and 31,16% between the ages of 36 and 49. Currently about 45% of existing homeowners in the area are between the ages of 36 and 49. This age group also represents the highest percentage of recent sellers (42.4%).
About 50% of the properties sold in Moreleta Park this past year fell in the R800,000 – R1,5m price bracket, 20% fell in the R500,000 – R800,000 price bracket, 20% fell in the R1,5m – R3m price bracket and 10% sold at R3m and more.
However, the R800,000 – R1,5m price bracket (first-time buyers) and 100% bond buyers are showing a decrease in activity due to the recent economic situation and increase in the interest rate. We are also finding that the more expensive properties (R2m and up) are showing an increase in sales.
How has the area changed over the last five years?
Moreleta Park is a well-situated suburban area in the East of Pretoria with a population of over 15,785 adults. The area is surrounded by various private hospitals, shopping centres and nursery schools. The well-known NG Moreleta Park is known as one of the largest churches, seating 7,100 people.
Over recent years there has been a great increase in the number of business premises offering a large variety of services to residents. Rubenstein Drive and De Villabois Mareuil have also recently changed from residential properties to business properties. The easy accessibility to the main roads has increased the number of inhabitants commuting to work elsewhere.
According to recent statistics, the majority of people purchasing properties in the area range between the ages of 18 and 35. This suburb has a large mixture of properties. Although there has not been much change in the number of properties available to purchase, Moreleta Park in general is a great area for investors, first-time buyers and those looking to upscale and downscale. The great increase in the number of investors has given a significant rise to the rental industry.
What attracts buyers to Moreleta Park?
People buy in Moreleta Park because of the excellent investment opportunities, the upper-class lifestyle associated with the area, the availability of amenities, such as quality schools, shopping malls, and access to all major routes in and out of the city. The residential areas of Moreleta Park are divided into estates (26.72%), freeholds (18.81%) and sectional schemes (54.47%). The biggest group of stable owners are in the age group of 36-49. In the last 12 months, regardless of the tight economic situation, 634 properties were sold at a median price of R1,347m (the median price of the freeholds was R1,895m).
This article originally appeared in Neighbourhood, Sunday Times.