Sales may be slowing in most sectors of the property market, but there is apparently no shortage of demand for units in the GASH (good address, small home) category in Pretoria.
To illustrate this, the past month has seen sales worth more than R73m take place at the new Oukraal apartment development in Hazeldean, the new suburb to the east of Pretoria that will once again be the site of the Beeld Homeshow this year.
The Sable Homes development, which will ultimately contain 240 studio and penthouse loft apartments, was 60 percent sold out within 10 days of launch and is now more than 75 percent sold, with buyers being evenly split between investors and owner-occupiers.
The demand among young singles and couples for accommodation in this area is high thanks to the rapid completion of new office parks, shopping centres and other workplaces nearby, says Sable Homes MD Jo Pelser,
“In addition, the lifestyle offered by the Hazeldean full-circle living concept is becoming increasingly trendy, with shops, entertainment venues and even a gym right on the doorstep, so that there is no need to spend hours commuting each day.”
What is more, these are GASH homes in the true sense – big on smart finishes and surroundings, but affordable and low maintenance. Priced from R345 000, they will be fully-secured and set in well-treed, landscaped gardens with a large green space or “common” at the centre. There will also be a clubhouse, squash courts, heated pool and a boutique driving range on site.
From an investor’s point of view, Pelser says, rental yields are set to increase now in the face of rising interest rates and declining affordability, and the units are due for completion towards the end of next year, when values generally are expected to start showing significant growth again.
The Oukraal site has now been handed over to the construction company.