PROPERTY: Choosy Buyers Target Pretoria Eastern Suburbs
Recent Gauteng Business News
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.
Business News Sector Tags: Property|