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Home sales surge in Pretoria’s Moot area

The suburbs of Pretoria collectively known as the Moot are experiencing a surge in housing demand.
 
“This is being driven by two factors,” says Jaco Bouwer, owner of the local Chas Everitt International office, “the first of which is an influx of buyers relocating from the areas on the city’s eastern margin in order to cut commuting times and costs.”
 
The second factor is an increase in the number of subsidised buyers employed in the public service – especially at the Steve Biko academic hospital in Capital Park and at the new headquarters of the International Relations Department in Rietondale, he says.
 
“Both groups of buyers have recognised the benefits of living as close as possible to work, in suburbs well-supplied with good schools, several large shopping centres, churches and medical facilities, and this has led to our office achieving a 34% increase in sales during the first months of this year, compared with the same period of 2010.”
 
Bouwer says first-time buyers are well-catered for with many flats available in suburbs such as Gezina, Wonderboom South and Rietfontein. “Two-bedroom units with garages in these areas start at around R350 000, and the buyers of these flats are increasingly able to secure 100% home loans, especially if they receive a government housing subsidy.”
 
For buyers with families, full-title, three-bedroom homes are available in the Moot at prices from R800 000, and the most popular are those priced at under R1m, although there is also good demand up to about R1,5m.
 
“And among such buyers we are also seeing a significant increase in home loan grants. Our bond application declines have fallen from 23% to 14%, with the most common reason now not being lack of affordability but credit record problems such as late payments or debt judgments.”
 
Meanwhile, he says, extensive commercial and retail development along the Zambezi Drive axis over the past few years has fuelled demand for homes in the newer gated villages and estates in Montana, just to the north of the Moot area.
 
“Such developments are particularly popular among those relocating from similar surroundings in the eastern suburbs to be close to work in Montana, because they can then avoid commuting through toll gates.”
 
Issued by Chas Everitt International


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