The Pretoria property market up to R3 million to R4 million is booming given the current circumstances and is offering great opportunities for sellers according to Seeff’s branches
Gerhard van der Linde, managing director for Seeff Pretoria East says there is a high level of activity in price ranges up to R3 million. We are now seeing stock running at low levels as buyers continue to take advantage of the favourable interest rate.
Sellers are using this positive selling phase to in turn also take advantage of the interest rate to buy up, he adds
While the area does not cater to typical first-time buyers, there is a definite increase in the number of tenants who can now afford to buy rather than rent as a result of the low-interest rate. He says further that this move from rental accommodation into the buyer's market has definitely contributed to the higher than anticipated sales activity.
In the context of the Covid Pandemic, Seeff Pretoria East enjoyed an outstanding year in 2020 with sales of up to R6.5 million in Groenkloof, R7.33 million in Mooikloof Equestrian Estate, and R8.25 million in Waterkloof Ridge.
While Seeff Pretoria East is expecting the market to settle back a little this year, demand remains high for properties that offer security. Van der Linde says that aside from security estates, boomed-off areas across all residential suburbs which offer high levels of physical security presence are in high demand.
A neat and well-presented property that is correctly priced for the market can sell within seven to thirty days, he says.
Tiaan Pretorius, manager for Seeff Centurion says the Centurion area is in fact expecting that their market may improve on last year. We are seeing it as a bit livelier this year in view of the expectation that the interest rate will stay low for a while depending on possible economic limitations due to lockdown restrictions.
Here too, there are plenty of opportunities for sellers. Where the highest activity initially started off in the R650 000 to R900 000 price range, we are now seeing massive demand for estate properties between R2.5 million and R3 million, says Pretorius.
The highest offer received in the last year was almost R8.9 million for a home in Midstream Estates. Seeff also sold properties in Southdowns, Centurion Golf Estate, and Midstream in the R5 million to R7 million range.
The majority of our sellers are upgrading to another property. If priced correctly, a property can sell within days. Nearly 40% of Seeff’s sales are concluded in under 21 days and the median for last year was 46 days.
The majority are first-time buyers with the balance looking to upscale. Buyer demand is healthy in most price bands. There is a high demand for townhouses between R650 000 to R900 000, freestanding homes in the suburbs in the R1.4 million to R1.9 million range, and security estates between R2 million and R3 million depending on size and what the property offers.
Hot spots for buyers include Die Hoewes which is close to the Gautrain Station and main amenities and is great for first-time buyers and investors. Amberfield in Central Centurion offers excellent value in the R1 million to R2.5 million price range. Midstream is a great estate for buyers in the R2.8 million to R6 million price class and offers a lot including good schools, top-class security, and a great location between Johannesburg, Pretoria, and Ekurhuleni.
In this market sellers must ensure their property is in tip-top condition and award a sole mandate to a trusted agent who will pull out all the stops to get the property sold at the best price in the shortest time, says Van der Linde.
Buyers in the high-demand price bands and areas should ensure they are ready to buy, he adds. Obtain a pre-approved bond and make sure that you fully understand the financial implications and financial requirements of the transaction.