select
|

Buyers hot for townhouses in Pretoria's ‘new east’

Supplies of townhouses for sale in Pretoria suburbs such as Faerie Glen, Garsfontein and Wapadrand are their lowest level in five years, partly because of the increase in demand since the recent interest rate cut.

And Nelis Bezuidenhout of the RealNet Wapadglen franchise, who specialises in marketing townhouses, says that if the trend continues there may be a faster increase in prices, which have grown only slowly since the start of the recession.

“At the moment, well-priced property sells almost immediately - in many cases even before ads are published in print media, which is leading to frustration among keen buyers who find that properties have already been sold when they respond to advertisements. It is a good indication, however, that demand pressure is building, which may well lead to price growth," he says.
Townhouses in Pretoria's “new east” are popular because they offer relatively affordable accommodation in an upmarket and established area close to main traffic routes and excellent shopping facilities.

Two-bedroom simplexes are currently in the greatest demand with prices starting at R650 000 in Faerie Glen and Wapadrand and at around R550 000 in Garsfontein, Bezuidenhout says.
“Stack units are selling well at prices between R520 000 and R530 000 and buyers are also finding value in three-bedroom units at prices between R900 000 and R950 000 in Faerie Glen and Wapadrand, and slightly less in Garsfontein.”

Buyers in all categories, including first-time buyers, young people up-scaling and older residents downscaling, are active in the market, he says. Investors have also returned to the market in the past six months, albeit not in the same numbers as during the boom years.

“Investors report strong demand for rental units, with between 10 and 20 prospective tenants responding to advertised units. Rentals start at around R4500 per month for two-bedroom stack units,” notes Bezuidenhout.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 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.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    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