New record set for Waterkloof home prices

Waterkloof, the original “blue chip” suburb of Pretoria, has just had its status as the capital city’s most sought-after address reaffirmed with the sale of a luxury home in Victoria Street for R45m – the highest price ever paid for a residential property in this area.

The sale was negotiated by Charné Spangenberg, the Waterkloof area sales and rental specialist at Harcourts Capital, who also set the previous record sale price for a residential property in Waterkloof, which was the R32,5m paid for a Bramley Street home late last year.
The most recent sale, she says, underlines the fact that Waterkloof has lost none of its glamour or status in the eyes of discerning property buyers and investors, in spite of competition in recent years from “younger” suburbs and estates in the city’s trendy New East sector.
“A heritage suburb that boasts Jacaranda -lined streets and many hilltop mansions with spectacular views, Waterkloof is still recognised as the ‘best address’ in Pretoria and last year was also designated as an official ministerial and diplomatic district, in acknowledgment of the fact that it is where most of the foreign ambassadors to SA and senior members of government choose to live.
“In fact, it is so sought-after that while many foreign diplomats used to rent properties here rather than buy, we find that they are now increasingly using their housing allowances to put down deposits on homes in Waterkloof that they intend to keep for themselves, even after their SA postings have ended.”

The suburb is also, Spangenberg says, home to many top professionals and executives who appreciate its ability to provide them with an elegant, secure lifestyle as well as proximity to the city’s best schools, most exclusive shopping centres, top restaurants and the highly-rated golf course at the Pretoria Country Club.
“And it is now attracting an increasing number of high net worth buyers from Johannesburg, who are willing to commute so that their families can also live in a safe and relatively crime-free neighbourhood with no shortage of good schooling. Both diplomatic police and the SAPS patrol the streets and there is an added sense of security because all the embassies and ministerial residences have their own security guards and patrols too.”

What is more, she says, property prices in Waterkloof have shown rapid appreciation in the past three years and are set to increase further, which makes buying here an attractive investment.
“There is a perennial shortage of stock here and tightly-monitored subdivision means there are not a lot of opportunities for new development. Typical house prices in the suburb generally range from about R2m to R6m, although it is now difficult to find anything in good condition for less than R3m.”

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