select
|

Sectional title prices climb in Pretoria’s eastern suburbs

Strong demand continues to boost sectional title home prices in popular Faerie Glen and Garsfontein to the east of Pretoria.
 


The average price for entry-level units is currently around R630 000, up from around R560 000 a year ago,says Nelis Bezuidenhout, owner of RealNet Wapadglen, which specialises in the New East sectional title market.
 
"And we have seen prices overall climb by between 7% and 10% in the past 12 months, as a result of the continued very strong demand for sectional titles in these areas and low stock levels. Well-priced stack units and simplexes generally draw multiple offers within a day of being listed and are usually sold within two to three days."
 
He adds that keen buyers, mostly young professionals and young couples, are now even making offers slightly above asking prices in order to secure units. "Strong interest is also evident at show units, which draw up to 20 viewers in an afternoon, and we expect the trend to continue.
 
“Faerie Glen and Garsfontein offer easy access to the highway network and signature shopping and entertainment venues such as Woodlands, Menlyn and Hazeldean. They are also convenient to existing office parks and the major new developments taking place in the Menlyn area."
 
Bezuidenhout  says upper-level stack units sell quickly at prices from R630 000 to R660 000 and typically offer two bedrooms, a bathroom and a garage. Units of the same size on the ground floor are now achieving prices of R680 000to R700 000.
 
The greatest demand, however, is for  two-bedroom, one-bathroom brick simplexes of between 87sqm and 100sqm, at prices from R860 000 to R900 000. “Units in this category are, however, very scarce at the moment and are snapped up as soon as they become available. We are lucky if we can source one or two of these units per month while there are multiple prospective buyers queuing up."
 
Compact simplexes with three bedrooms and two bathrooms are generally priced from around R1m now, he says, while similar units with larger floor areas in the older parts of Faerie Glen and Garsfontein are now selling from around R1,2m.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK