The supply and demand of property in Pretoria East’s housing sector remains well-balanced, however, an upcoming increase in stock levels could result in a more favourable market for home buyers.
The property market in Pretoria East currently strikes a fair balance between the supply and demand for both sectional title and freehold property. However, according to Gerhard van der Linde, Seeff’s Principal for Pretoria East, the market is heading towards an increase in stock levels which could potentially result in a buyers’ market.
Whilst there is a higher demand for sectional title than for freehold property in Pretoria East, freehold properties are still popular. According to van der Linde, the Seeff Pretoria East branch is only experiencing vacant full title properties in instances where those properties are overpriced.
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The price range of properties that home buyers are showing the most interest in, range from R800 000 to R2 million. There is also a fair amount of activity evident in luxurious estates such as Mooikloof, Silver Lakes and Woodhill, as well as areas such as Waterkloof, where property is often priced upwards of R20 million.
Where rentals are concerned, all types of properties are in demand, from one bedroom units to large homes in golf estates, but the greatest demand is for rental properties priced at R10 000 and below.
In the eastern suburbs, some two bedroom units are priced from as little as R5500 per month for stack units, but at the same time corporate rentals in guarded estates can fetch upwards of R60 000 per month.
Waterkloof has traditionally been a suburb of large properties, where the average rental price of a standard 4-bedroom family home, with a pool and three entertainment areas costs between R25 000 and R35 000 per month.
There is a great amount of commercial development evident in the areas surrounding Menlyn Mall, also inclusive of the Menlyn Main development which includes a casino.
As a result, all suburbs in the proximity of Menlyn like Garsfontein, Menlo Park, Alphen Park, Newlands, Constantia Park and Ashlea Gardens are in high demand due to the job opportunities created here.
Menlyn Main is also geared towards becoming Africa’s first green city. The development of Menyln Main will include commercial space, retail space, shopping space, a gym, residential apartments, a hotel, an entertainment complex and scenic parklands.
In addition, a great number of suburbs in Pretoria East are being revamped with a complete make-over due to the Gautrain and the new Rapid Bus Transit system which is believed to create an increase in demand for residential property.
Accommodation in areas like Garsfontein, Moreleta Park, Faerie Glen, Brooklyn and the Lynnwoods remain popular and in demand. For properties within these areas which are priced correctly, well presented and in a good condition, it is likely to be sold within the first 21 days, as seen in a large number of cases.
Examples of recent sales concluded by Seeff Pretoria East in a short period of time include:
• Waterkloof Ridge property sold in one day of listing for R7.4 million (at 97% of the asking price).
• Val de Grace property sold on the same day of listing for R2.3 million (at full asking price).
• Moreleta Park property sold in one day of listing for R740 000 (also 97% of the asking price).
The overall pricing of homes in general for Pretoria East have increased modestly between 5% and 7%, but according to van der Linde, sellers’ expectations are still too high. The highest property sale concluded by the Seeff PTA East branch for 2016 has been for R22 million thus far.
Although there was an evident slow-down for Pretoria East’s property market in July in anticipation of the Local Government Elections, there has been a significant increase in the number of buyers who are making contact with Seeff now that the elections have come to an end, concludes van der Linde.
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