RE/MAX Suburb Trend Report – Faerie Glen

Area history

Situated on the southern slopes of the Bronberg Mountain is the popular Pretoria East suburb of Faerie Glen.  Located between Lynwood and Garsfontein, Faerie Glen has become a sought-after place to live with much development occurring in the area over the past decade, although this has slowed in recent years.

Much of the area that is now Pretoria was once occupied by the Southern Transvaal Ndebele tribe during the 1600s. However, Pretoria was founded in 1855 by Marthinus Pretorius, a leader of the Voortrekkers. He named the city after his father, Andries Pretorius, who had become a national hero of the Voortrekkers after he defeated the Zulus in the Battle of Blood River.  Pretorius was also involved in the Sand River Convention negotiations in 1852 that led to Britain acknowledging the independence of the Transvaal. 

Pretoria was made the capital of the South African Republic (ZAR) on 1 May 1860. When the Boer Republics of the ZAR and the Orange River Colony united with the Cape Colony and Natal Colony in 1910 to become the Union of South Africa, Pretoria was named as the administrative capital of the country. Pretoria received its official city status on 14 October 1931 and remained the administrative capital when South Africa became a republic in 1961. Today, Pretoria forms a part of the City of Tshwane Metropolitan Municipality.

Just 15 minutes from the Pretoria CBD, the suburb of Faerie Glen’s tree-lined streets and established gardens give it a laidback feel in contrast to the hustle and bustle of the city centre, making it desirable to property buyers and investors alike.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that the unlike most suburbs across the country, the property prices in Faerie Glen did not drop during the recession. He notes that according to figures from Lightstone, from 2004 up until 2008 property prices in the area grew steadily, staying fairly flat during 2009. However, in 2010 prices continued on their upward path, reaching their current record highs of R1.688 million for a freestanding home and R952 000 for a sectional title unit. Property in Faerie Glen consists mostly of sectional title units (62.54%), with around 25.53% freestanding homes and 11.93% estates.

Goslett says that while prices weren’t affected by the recession, the number of property sales transactions was, with sales decreasing year-on-year between 2004 and 2009 reaching a low of 328 property transactions. However, to achieve 328 sales is still on the high end of property transaction compared with other regions across the country during 2009. In 2010, the number of sales transactions grew to around 469 and stayed at this level until last year. So far, around 167 properties have been sold in Faerie Glen during 2013.

According to Goslett, there is no predominant age group of buyer in recent market activity, with the area proving to be popular among various demographics. He notes that around 30.98% of recent buyers were between the ages of 36 and 49 years old, 30.07% between the ages of 18 and 35 years old and 28.7% aged between 50 and 64 years old. Approximately 32.89% of recent sellers were above the age of 65 years old.

Property price trends

Demand for property

According to Goslett, more than 51% of all properties sold in the area between June 2012 and May 2013 were those priced between R800 000 and R1.5 million, making it the most sought-after price category by far. Properties that fell within the R400 000 to R800 000 category represented 23.9% of the area’s sales during the same period of time, while properties from R1.5 million to R3 million represented 21.8%. Goslett says that properties that sold for below R400 000 represented 1.8%, while properties above R3 million accounted for a mere 1.1% of all properties sold in the area between June 2012 and May 2013.

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