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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.


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