Estate agents in the Muckleneuk area talk about the property market in this neighbourhood.
What attracts property buyers to the Muckleneuk area?
Muckleneuk is an attractive leafy suburb dominated by sturdy blocks of apartments and large homes. Many students call this area home. The area offers easy access to the city centre and established eastern suburbs, as well as to the University of Pretoria and top quality English and Afrikaans secondary schools. It is close to a number of sites rich in heritage, like the Union Buildings, Groenkloof Nature Reserve, National Cultural History Museum and the landmark Loftus Versveld Stadium. Although close to the nightlife of Sunnyside, Muckleneuk offers peace and quiet. The suburb is within walking distance from a Gautrain station.
What is currently happening in the property market in Muckleneuk?
There is a high demand for larger family homes priced between R1,95m and R2,2m, and for apartments priced between R300,000 and R800,000. We are, however, seeing the larger, higher-priced properties being bought and occupied by embassies and consulates. Muckleneuk is a neighbourhood where buyers establish themselves and settle, as opposed to suburbs with high buy-and-sell turnovers. The area average for full titles is R2,05m, and for sectional title units about R410,000. As a result of its easy access to shopping malls, universities, hospitals and major highways, Muckleneuk attracts a diverse mix of residents.
What types of properties are available in Muckleneuk and who is buying them?
There are freehold properties and high-rise apartments in Muckleneuk. Over the past 18 months, 25 freehold properties have been sold and prices varied from R800,000 to R5m. About 40% of recent buyers came from the 18 to 35 age group with a further 30% in the 36 to 49 age group, indicating that the majority of buyers are first-time buyers looking for start-up homes. The lower part of Muckleneuk consists of high-rise apartments ranging from R300,000 to R800,000. Most buyers in this part are first-time home buyers and investors since these apartments offer very good rental returns.
This article originally appeared in Neighbourhood, Sunday Times.
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