Choosy buyers target Pretoria's eastern suburbs

Private Property South Africa

Demand for residential units in upmarket suburbs to the east of Pretoria is growing.

But, says Nelis Bezuidenhout of RealNet Wapadglen, buyers are circumspect and take their time to shop around before committing to transactions. “It is not unusual for prospective buyers to view up to 30 properties before making a choice. Traditionally, buyers viewed between four and seven prospects before buying a home," he says. He adds that activity in the residential markets of his franchise area, which includes Wapadrand, Garsfontein, Faerie Glen and Olympus, started picking up in April last year. “Demand for homes was boosted by banks’ announcement that they will once again consider 100% loans, which stimulated demand among young professional first-time buyers who were previously renting accommodation. “Improving economic conditions have contributed to a more upbeat approach among buyers and the latest interest rate cut of 500 basis points is expected to further improve buyer confidence,” he says. “What counts more than the extra money in consumers’ pockets, is the boost it gives to optimism and confidence in the economy.” Stack units in the price range of between R500 000 and R550 000 and free-standing sectional title units of between R600 000 and R650 000 are popular among young buyers, who regard them as good value at an upmarket address. Good access to several large shopping centres and the freeway system adds to the appeal of units in these suburbs. Top residential properties in the area now fetch prices of up to R10m. Sectional title units in modern lifestyle estates now cost between R900 000 and R1,4m while two-bedroom units in the more established and leafy areas sell at prices of between R700 000 and R1,1m.


Found this content useful?

Get the best of Private Property's latest news and advice delivered straight to your inbox each week

Related Articles

Braamfontein becoming more popular with young professionals
Young professionals who work in the nearby tech companies and innovation hubs are snapping up property in the area in order to live close to where they work.
10 of the most expensive houses in South Africa
These super luxury houses with enormous price tags will induce some serious house envy.
Could Atlantic Seaboard rentals hit R200 000 p/m soon?
Considering that Zimbali (KZN, Dolphin Coast) has hit R100 000/month and the Atlantic Seaboard is already at around R170 000/month, then the R200 000/month mark does not seem too farfetched.
What homebuyers can get for R2 million in Gauteng’s top areas
For R2 million and even a little less you can buy a lovely home in a sought after area in Gauteng no matter where you choose to live.