PROPERTY: Older Buyers Invest in Pretoria East
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Older buyers with cash to invest are
finding good value in older suburbs to the east of
Pretoria. According to the RealNet Watermeyer office, who reports
that retirees and buyers approaching retirement are targeting properties in
suburbs such as Silverton and Lydiana.
“They are either downscaling or are buying property as part of their retirement portfolio,” he says, “and they are buying now because they expect the market will turn in the near future, which will probably see prices rising.”
Van der Merwe adds that confidence in the area has been boosted by the completion earlier this year of multiple staff residences at the British Embassy in Brummeria, as well as the extensive upgrading of the Watermeyer Park shopping complex currently underway.
“Prices are attractive right now and compared with prices last seen two to three years ago."
He adds that properties sold on auction also influence the market because lower prices achieved put downward pressure on prices of property sold on the open market.
“All these factors combine to make property in the area a very attractive proposition for cash buyers,” he says.
First-time buyers, on the other hand, have a tougher time even if they qualify for 100% bonds because asking prices are higher than the values banks see.
Older buyers are targeting properties in the price range of less than R1m, while younger buyers are showing interest in townhouses under the R500 000 mark.
Business News Sector Tags: Property|