Pretoria East becomes richest suburb in Gauteng

It was reported by Business Tech that according to the latest report from Seeff Property Group, Pretoria East has replaced Sandton and other wealthy suburbs in Gauteng as the most valuable area in the province.

7 Bedroom House for sale in Mooikloof Equestrian Estate, Pretoria

According to the report, Sandton’s market topped R6.4 billion in 2016, while Pretoria East boasted turnover exceeding R8 billion with some 7,500 property transactions.

Furthermore, Gerhard van der Linde, MD for Seeff Pretoria East noted that the area ranks amongst the busiest markets in Gauteng and currently outranks Sandton both in terms of the number of properties sold and total value generated.

The report revealed that although both areas boast with a very similar average selling price of just over R2 million per unit sold for the last year, Pretoria’s Eastern suburbs drew more high net-worth buyers and wealthy investors. This could be attributed to the number of luxury homesteads above the R20 million price barrier.

Waterkloof Ridge, Waterkloof, Sterrewag, Brooklyn and Lynnwood are the most expensive areas in the suburb according to the report.

6 Bedroom House for sale in Silver Lakes Golf Estate, Pretoria

Another factor is the high concentration of exclusive security estates that rank among the most sought-after in the country such as Mooikloof Equestrian, Woodhill Golf Estate, Mooikloof Heights, Waterkloof Golf Estate, Silverlakes Golf Estate and The Hills.

A drawing card for wealthy families is the city’s top schools all located in Pretoria East, these include St Alban’s College, Pretoria Boys High, Afrikaanse Hoër Seunskool (Affies), Afrikaanse Hoër Meisieskool and Hoërskool Waterkloof and Pretoria High School for Girls.

6 Bedroom House for sale in Waterkloof Ridge, Pretoria

Although the busiest price range is below the R3 million to R5 million price mark, up to a third of all sales now in the R5 million to R10 million price band.

While only a handful of sales has topped the R20 million mark, Seef expected this upper level to shift once the economy improves.

4 Bedroom House for sale in Woodhill Golf Estate, Pretoria

PG van der Linde, rentals manager for Seeff Pretoria East said that the rising status among wealthy buyers and tenants means that it the area now also attracts top end rental rates – comparable to those being achieved in Sandton.

The highest rentals achieved currently are in Woodhill Golf Estate, Mooikloof Equestrian Estate and Waterkloof with rates paid of up to R47,500, R50,000 and R69,500 per month, but rentals can now range to R80,000 for a top end luxury home.

| story via business tech

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