select
|

Pretoria East Residential Property Market Luring First Time Buyers

While the residential property market looks to be struggling around most of the country, it would seem that Pretoria East is one of the few exceptions. “Properties under R2 million are selling quickly, and yet properties over R5 million, in secure estates, are not standing still neither. If anything the middle market is quieter at the moment,” explains Silvana dos Reis Marques, Manager of Leapfrog Property Group Pretoria East.


4 Bedroom Townhouse for sale in Six Fountains, Pretoria
 
Pretoria East is quite a large area consisting of a number of suburbs (ranging from mid-to-upper market) including Hatfield, Die Wilgers, Brooklyn, Faerie Glen, Garsfontein, Lynnwood and Silver Lakes Estate.
              
According to dos Reis Marques, most of the buyers in the under R 2 million market are first time buyers while those buying in the R5 million and over market are upgrading. The trend in first-time buying is underscored by the 2nd quarter 2017 FNB Gauteng Sub-Region House Price Indices which indicates that the Tswhane metro has been undergoing a gradual real house price correction since the beginning of 2008. Prices have declined to the tune of -1.8% year-on-year – making the area more accessible to first time buyers.
 
The FNB House Price Indices also reveals that Tswhane has continued to show estimated levels of 1st time home buying to be above the national average. For the first two quarters of 2017, first time buyers were estimated at 21.8% in Tshwane, the National Average being slightly lower at 21%.
 
Major new developments on the cards

 
Baldwin Properties has partnered with Crystal Lagoons to create a R4.2 billion residential development in Pretoria East to be called The Blyde in Riverwalk Estate. The development will feature beaches, a pedestrian promenade and exclusive club houses for residents.
 
An even more ambitious project is Hazeldean, also known as The East Capital, which is a R44 billion development due for completion by 2020. Hazeldean has been envisioned as a self-sufficient work, play and live eco-friendly suburban precinct.  The master plan includes a mall, schools, hospitals and a number of residential complexes.


3 Bedroom House for sale in Olympus, Pretoria
 
“These developments will certainly attract more investment (both residential and commercial) to the area and it will most likely boost house prices over the next decade or so,” believes dos Reis Marques.
 
Improved public transport
 
According to the Gautrain Management Agency, it is planning to extend the rail route by 150 kilometres over the next twenty years, including routes through Randburg, Fourways and Soweto. A proposed new line will connect Mamelodi (Irene) with the current network, branching off from Sandton, Randburg, Cosmo City, the Cradle of Human Kind and Lanseria.
 
Pretoria’s Bus Rapid Transport System – A Re Yeng – which was introduced in 2014 – has also done much to improve transport in and around Tshwane. Dos Reis Marques notes that a number of businesses have opened along the bus routes as accessibility improved.
 
Don’t overestimate your property value
 
“While the new property developments and the proposed improvement of public transport will likely have a good impact on property prices in Pretoria East in the long run, we’re finding that sellers are assuming that buyers will pay unrealistic prices for homes”, says dos Reis Marques, “Buyers are very savvy and a house that’s not priced properly won’t sell. My advice to sellers remains to ask the advice of a qualified estate agent in terms of getting a realistic valuation.”
 
Dos Reis Marques also advises first time buyers to get pre-approval for a home loan before house hunting; “Knowing what you can afford, and importantly how much a bank is willing to loan you, will save a lot of time when it comes to buying your first property – there’s no point in making an offer on a property you can’t possibly afford. So do your homework before you start doing the legwork.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 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.
        
    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