select
|

Residential property market in Tshwane metro benefits from development

If the national economy is lethargic, much of the Pretoria region does not appear to be reflecting this, and continues to grow at an uninhibited pace across a number of high-growth nodes, according to Retha Schutte, Pam Golding Properties’ regional executive for Pretoria.



“The Pretoria region is benefitting from considerable investment by local government in infrastructure development such as roads, Gautrain and the Bus Rapid Transit system, as well as from the private sector which continues to invest in commercial, retail and residential developments,” she says.

Schutte says the rapid development of the Tshwane municipal area bodes well for the future of the city, as well as for the residential property market, which has continued to remain stimulated by this growth and is buoyant in a number of residential property hotspot suburbs and centres.

According to the recently released The Study, the Pam Golding Property (PGP) group’s quarterly research report, which incorporates the Pam Golding Residential Property Index, house price inflation in South Africa as a whole slowed to 5.8 percent in 2015. Regions such as Pretoria and Centurion have bucked this trend, however, and have shown much higher residential property price inflation.

“We are seeing considerable growth in nodes such as Menlyn and now Loftus, as well as the redevelopment of more established suburbs such as Hatfield and Menlo Park,” says Schutte.

“This alongside the redevelopment of the Old East, for example in Brooklyn, where developers are demolishing homes to build new apartment buildings. A R44 billion mixed-use project for the Hazeldean area was also recently approved by the Tshwane metropolitan district.

“We remain cautiously optimistic about the property market, which, can of course be affected by unknown wider economic factors in future and further possible interest rate hikes, but the nation’s capital benefits from ongoing demand for quality accommodation.

“The people of Pretoria are showing a preference for living in locations where they have everything close to hand, including excellent educational institutions, their places of work and retail outlets.

“This is one of the reasons why high-rise city living is becoming increasingly popular in Pretoria, as is evidenced by the fact that there has been excellent take up from investors and young professionals at the Regency, a large luxury apartment development in Menlyn, where building has started and a new phase is to be launched soon.”

Schutte says the demand for sectional title homes is relentless in many areas as some families look to downscale as they come under inflationary pressures, and first-time buyers see this form of property ownership as more affordable. As in other parts of Gauteng, more security estates are introducing sectional title components, which make these areas more accessible to buyers.

“There is strong demand for security and golf estates throughout the Pretoria region among buyers and renters, particularly as secure lifestyle and excellent facilities remain of major importance to residents.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
        
    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