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Youthful vigour in Lynnwood property market

Buyers younger than 35 are streaming into Lynnwood and leafy surrounding suburbs in Pretoria, and bringing new vigour to the local property market.


4 Bedroom House for sale in Lynnwood
 
Sales figures since January 2013 show that buyers aged between 18 and 35 represented a high proportion of buyers in the past 12 months - and in the case of Lynnwood Park, all buyers for the year – says Fransiska Schutte, co-owner and principal of the RealNet Lynnwood franchise.
 
"This is an exciting trend and rejuvenation of the whole area is sure to follow. Indeed, signs of renewal and new development are already evident in the many smart sectional title complexes popping up and the upgrading of older tower blocks in Lynnwood and Menlo Park.
 
"Developers are also constantly seeking land, which is becoming increasingly scarce. And this scarcity of land is, in turn, boosting the trend towards upgrading and modernising existing properties - and with the strong and growing demand for homes in this area over capitalisation is hardly a concern," she says.
 
Buyers under-35 accounted for nearly 40% of purchases this year in Lynnwood, almost 38% in Lynnwood Glen and Lynnwood Manor, 100% in Lynnwood Park, and almost 30% in Newlands.
 
In Lynnwood Glen and Lynnwood Manor, Schutte says, younger buyers are opting for large family homes on big stands. “Excellent schools in the area are a big driver of this trend, and families with university-age children are also targeting the area to allow those studying at the University of Pretoria (Tuks) to travel to campus independently.


6 Bedroom House for sale in Lynnwood
 
"Well-educated buyers earning good salaries are opting for homes in these areas where the peace and quiet of larger, detached homes on big stands, security and reduced highway travelling contribute to a healthier life style. What is remarkable, however, is that such young buyers are earning big-enough salaries to qualify for the bigger bonds required to finance these sought-after properties."
 
The Lynnwood Bridge Shopping Centre, which incorporates the popular Atterbury Theatre, is one of the recent developments that has greatly enhanced the area, she says. The surrounding office blocks and hotel were long anticipated and needed and the space was quickly taken up by astute companies.

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