select
|

Pretoria’s Menlo Park offers value for money in a prime location

The property market in Menlo Park has experienced an upsurge in the past three years with average prices increasing by more than 30% during this time.
 
This is according to Karin Petzer, Area Specialist for Lew Geffen Sotheby’s International Realty who says: “Three years ago, older entry level three bedroom houses on traditional 1 115m² erfs could still be bought for around and R1 million, and today the same homes are selling for between R1.3m and R1.5m.”


This double storey four bedroom home is an entertainers dream and has a light, airy living area which flows out to the garden and pool as well as a separate braai room. On the market for R2.995 million, the property also includes two outbuildings, a double garage and two carports.
 
Nestled between upmarket suburbs like Waterkloof, Lynnwood and Brooklyn, this gem in the Old East of Pretoria offers excellent value for money in a high value zone.
 
Petzer says: “Property prices are more affordable in Menlo Park than its immediate, more luxurious neighbours, but residents enjoy all the same conveniences, which has made the area very attractive to families seeking a safe suburban environment that is in close proximity to excellent schools and top class amenities.”
 
According to Petzer, this is largely due to the establishment of the Regional and Spatial Development Framework which was instituted to guide development in the area.
 
“The introduction of the RSDF put a spotlight on the suburb and developers quickly recognised the value of certain prime areas. This attracted many savvy investors who are now realising better-than-average equity growth in their investments.
 
“Many of the erfs in these locations were rezoned and high density units are being developed by teams of developers under the guidance of town planners.”
 
Petzer says that many of these new developments offer buyers very accessible entry level options, with comfortable two bedroom apartments starting at R800 000.
 
“Older complexes are also attracting a lot of attention as the room sizes are bigger and their potential for refurbish good. These units can mostly be bought for under R2m.”
 
At the upper end of the market are modernised and refurbished freehold houses as well as several of the new upmarket sectional title developments which offer a more luxurious lifestyle, but this comes at a premium.
 
“Most of these are sold off plan,” says Petzer, “And they generally range in price between R3.7m and R4.4m while the refurbished houses usually sell for between R3m and R3.5m””
 
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says: “There has been a marked upswing in market activity, with 71 recorded sales to date for 2015 compared to an average of 56 for 2013 and 2014.
 
“We are also seeing an emerging market of young professionals who are attracted to the area by the new luxury upmarket sectional title developments, many of whom work at companies like FSB, PWC, Investec and Adams and Adams.”
 
Petzer says that one of the suburbs main drawcards is its convenient location and close proximity to
the N1 highway, the CBD and major shopping malls (Menlyn, Hillcrest Boulevard and Brooklyn Mall).
 
Menlo Park is also only a stone’s throw from The University of Pretoria and a short drive from Unisa, with four major medical care centres in the area.
 
Families are also attracted by the high level of security the suburb enjoys since the residents established their own security initiative six years ago.
 
“The initiative has worked extremely well,” says Petzer, “and there are now about 250 families supporting the service which includes foot and car patrols, boom manning and home alarm services.
 
“It is also well supported by the Brooklyn Police Station, which claims one of the highest crime resolution and closure rates in the country.”
 
Petzer concludes: “Part of Menlo Park’s charm is its eclectic character which sets it apart from its upmarket neighbours which have retained their character of yesteryear.
 
“The Menlo Park property landscape is now a fusion of smart, modern, architect-designed homes for the growing number of young professionals and artistically-minded and the traditional older homes which have been proudly maintained by senior owners for more than 15 years.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Feb 2018
      RE/MAX Property Associates’ Table View Office, which services property buyers and sellers along the Table Bay coastline and surrounds, has recently sold a home in Woodbridge Island for R11 million – the highest price paid for any home in the sought-after security complex.
    • 23 Feb 2018
      Choosing to invest in an overseas property can be daunting. But as more and more investors recognise the value of a diversified portfolio that includes property outside of their own country of residence, international property investment is growing in popularity.
    • 23 Feb 2018
      The positive change in South Africa’s political landscape is paving the way for an upswing in the local property market.
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
        
    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