Demand for higher priced property in Centurion rises

Private Property South Africa
Press

The residential property market in parts of Centurion is getting a welcome fillip from greater demand for more expensive homes.

Riëtte Oosthuizen of the RealNet Centurion estate agency reports that demand for property in the lower price ranges carried the market during the worst of the recession, but that buyers are increasingly targeting more expensive units. “The cheaper end of the market, where prices of units start at around R550 000, is still active but we are greatly encouraged by renewed demand for property for sale with price tags of up to R2m. Greater demand is especially evident in suburbs such as Eldoraigne and Celtisdal. “Demand for units in estates and duets in the price range of R800 000 to R2m in areas such as Wierdapark, Eldoraigne, Rooihuiskraal, Lyttleton and Highveld, is also lively and prices are stable,” she says. “A further positive development is that successful home loan applications have risen by about 10% in the past four to five months. This leads to quicker sales and acts as a general stimulus in our market.” Oosthuizen says the rise in successful applications may be ascribed to prospective buyers being better prepared in terms of banks’ qualification requirements as well as being more informed about the size of deposits required. She adds that properties offered in terms of various bank quick sales programmes, where owners under financial pressure are assisted to sell before the properties are attached, are finding ready buyers. “These properties generally offer excellent value at between 15 and 20% cheaper than the market price of similar properties and are sought-after by young buyers and investors.”

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