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.

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