Area Property Trend Report – Faerie Glen

Area background

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.

This popular Pretoria East suburb is ideally situated on the southern slopes of the Bronberg Mountain.  Located between Lynwood- and Atterbury Roads, Faerie Glen has become a much sought-after area to live with much development occurring in the area over the past decade. Prior to the recent recession, many security estates were developed around Faerie Glen with demand for properties in these estates are growing daily.

Popularity of the area is due not only to its residential character but also due to its close proximity to major shopping centres such as Menlyn and Woodlands. In addition it lies within easy access of both the N1 (to Johannesburg) and the N4 (to Witbank) highways.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that while the demographic of existing homeowners in Faerie Glen is fairly evenly split between the various age groups, it is the younger generation of buyers (18 to 34 years old), who are currently driving the property sales activity in the area. He notes that around 40.18% of recent buyers fall into this age group. Slightly older consumers have also made their presence felt in the market with approximately 28.29% of recent buyers between the ages of 36 and 49 years old.

According to Goslett, the number of property sales in the area saw a steady decline from 2004 until 2009. However, he notes that in 2010 the number of property transactions saw excellent recovery, with sales volumes seeing growth every year since.

Martin Potgieter, RE/MAX Jacaranda Broker/owner in Faerie Glen says that property prices in Faerie Glen saw phenomenal growth between 2004 and 2007, however from 2007 to 2011 property prices remained fairly stable, seeing only marginal growth. In 2012 property prices saw an increase in line with the growing momentum of the market. Prices continued on an upward trend in 2013 and again this year with both the average freehold home price and sectional title unit price at record highs. According to Lightstone data, the average price of a freehold home is around R1.736 million, while the average sectional title units cost approximately R1.072 million.

Property price trends

Demand for property

According to Goslett, more than half of the properties sold in the area between April 2013 and March 2014 were priced between R800 000 and R1.5 million, making this the most sought-after price bracket. Around 27.3% of the properties sold during this period were priced between R1.5 million and R3 million, while around 17.2% were priced from R400 000 to R800 000. Properties priced below R400 000 represented around 1.2% of the area’s sales, while those price above R3 million accounted for just 0.2% of the market.

“Currently, the demand for properties in Faerie Glen is extremely high” says Potgieter. “We find that correctly priced properties often sell within two to five days after listing and as a result of the high demand, prices naturally tend to increase.”

According to Potgieter another trend is the increased number of sales of vacant stands. “During the recession, purchasers were weary about buying vacant stands as a result of uncertainty of the future and the perils associated with building. Many consumers have now realised that building is currently one of the few ways to obtain their ideal home,” he concludes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us