select
|

RE/MAX Suburb Trend Report – Garsfontein

Area history

Located east of Pretoria’s city centre is the tranquil, leafy suburb of Garsfontein. Despite the fact that it is in proximity to the hustle and bustle of the country’s capital, major transport routes and a mere 3km from one of Pretoria’s largest shopping malls, Garsfontein has still managed to maintain a calm, laid-back feel. This can largely be attributed to the beautiful Jacarandas that line the avenues through the suburb.

The suburb is ideally situated and well-planned with all the necessary amenities virtually on one’s door step.  Aside from the numerous shopping centres and entertainment facilities, private hospitals and church, the area also boasts an 18-hole championship golf course situated on the Woodhill Golf Estate. For residents that are more interested in wildlife than teeing off, it is a short drive from Garsfontein to the 3000 hectare Rietvlei Nature Reserve, which is located just east of Irene.

In comparison to many of the other suburbs in and around Pretoria, Garsfontein is regarded as a relatively new suburb and even though a great number of the properties in the area are townhouses and cluster developments, the freestanding houses are large with well-maintained gardens.

Area property information



Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property in Garsfontein consists of around 40% sectional title units and 8% estates, however, freestanding homes are still the predominant type of property accounting for approximately 53% of the suburb’s market stock. He notes that nearly 80% of the existing owners in the area are aged between 36 and 64 years old with 43.82% of the homeowners having lived in the area for 11 or more years. Goslett points out that while most of the existing homeowners are over 36 years old, the largest percentage of recent buyers in Garsfontein are aged between 18 and 35 years old, proving that the area is also popular among the younger generation buyers. Approximately 37% of recent sellers were aged between 36 and 49 years old, while 29.71% fell within the 50 to 64 year old age category.

Figures from Lightstone, a property information and statistics provider, reveal that from 2004 to 2007 sectional title units outsold freestanding homes, however in 2008 freestanding homes outsold sectional title units for the first time. Ever since 2008, both types of properties have performed fairly equally with 152 freestanding homes and 156 sectional title units sold between January and December 2012.

Although no massive price changes have occurred and the market has remained reasonably consistent, the average price for both a freestanding home and sectional title unit are marginally higher than the prices seen in 2007, which is widely regarded as the peak of the boom period. During 2007 the average price of a freestanding home was R1 122 000 and the average price of a sectional title unit was R749 000, while in 2012 the average price of a freestanding home was R1 183 000 and the average price of a sectional title unit was R802 000.

Property price trends




 
Demand for property

According to Goslett, homes priced between R800 000 and R1.5 million are the most sought-after in Garsfontein, accounting for around 63% of all sales in the area between January and December 2012. Approximately 31% of the homes sold in the same period were bought for between R400 000 and R800 000, while only 2.3% were bought for under R400 000. Some demand was seen for property on a slightly higher end of the scale with around 4% of the homes bought for between R1.5 million and R3 million.


  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