The five-year development boom in the northern Pretoria suburb of Montana shows no sign of abating, despite the current market slump, and the area is a buyers' delight.
So says Savas Nicolaides, principal of leading local agency Homenet Prime, who notes that it was the advent of the giant Kolonade shopping centre that sparked off extensive development in the area and boosted the values of existing properties.
"And now Zambezi Drive, Montana's main road axis, has become so popular as a business location that commercial space is in short supply. Similarly, the scale of residential growth has placed pressure on local schools and infrastructure."
Thanks to ongoing development, however, there is a plentiful supply of residential stock. Townhouses are the best sellers at prices between R700 000 and R800 000, with clusters coming in at about R1,1m to R1,2m.
Freehold homes priced from around R1,7m to R3,5m are moving more slowly although many are situated on the Montana ridge and enjoy panoramic views.
"We find that buyers at the moment are extremely picky, as they are well aware that they have a very wide variety of properties to choose from in this area. However, sellers have dropped their asking prices, and there are plenty of bargains for those ready to buy now," says Nicolaides.
He notes that those in this fortunate position currently include many new middle class or Black Diamond buyers - probably because of the huge contingent of public servants in Pretoria, many of whom are looking to cut their commuting time to government offices in the city centre.
"They love Montana because of its central location, modern homes and the fact that it is very well-supplied with convenient shops, schools and recreational facilities. Add to this a temperate climate and proximity to the upgraded Wonderboom Airport, and the area will no doubt remain a firm favourite for many years to come."
ISSUED BY HOMENET