PRETORIA EAST: A POPULAR CHOICE FOR YOUNG PROFESSIONALS AND YOUNG FAMILIES
Category Property News
Pretoria East has become very popular for young and upcoming professionals and young families because of its excellent central position, and now that there is very little land left to develop, property values are sure to rise, says IHPC estate agent Almarie Joubert, who is a resident specialist in this area.
The majority of the land in Pretoria East is taken up by HOA and sectional title run estates, and there is little or no freestanding property available. Estates such as Silver Lakes are virtually suburbs in their own right, often covering vast tracts of land and have thousands of homes in them. (Silver Lakes Estate is 337ha and has 1 850 homes in it.)
Many estates in Gauteng province are now striving to have their own amenities, schools, business areas, retirement villages, and if estates have their own clinic or medical facilities they would be almost self-sufficient and eliminate the need for residents to travel too far to reach their destination.
While levies in these types of estates can be high, the lifestyle that they offer surpasses living in areas which are not as built up or well serviced, and many are prepared to pay for the added benefits, said Joubert.
Silver Lakes, in particular, is situated within very close proximity to Abbotts and Curro private schools, and the average home here currently sells for R2,5 million to R3,5 million. There is sectional title as well as full title property available with sectional title selling from R1,25 million to R2 million.
Generally, the age groups that she deals with, says Joubert, are those in their late 20s to mid-30s and those who are over 45 to 50 years are often already thinking about downsizing to accommodate their later years. Considering many of the homes in this estate can be large, around 800m2, one would understand the need to downscale as one gets older, she said.
Joubert also said that the investor base in the areas she works in is quite large, with many tenants wanting property close to the power station and some living there and commuting to Mpumalanga. She has dealt with many buyers from America and Europe, Germany and Italy in particular, and this could be attributed to the fact that this area is well known for its “embassy boulevard” in central Pretoria.
There is large rental market in Pretoria East which has a mix of students, young professionals and foreign corporate tenants, she said. Rentals can range from R4 500 to R10 000 from the younger market and young families pay from R11 000 to R20 000 per month, with the corporate clients willing to pay up to R55 000 per month.
“Pretoria East is an excellent area to invest in, with its younger look and newer developments in it, and its popularity is sure to increase,” she said.
Author: IHPC
