PRETORIA EAST DEMAND HIGH
Category Property News
While a recent report stated that Pretoria East has replaced Sandton and some other wealthy Gauteng suburbs as the most valuable area in the province, the figures should be analysed in-depth and over a longer period of time to establish what is truly happening in the market, says Michael Bauer, managing director of property company SAProperty.com.
Sandton’s market topped R6.4 billion in 2016 and Pretoria East boasted turnover exceeding R8 billion with some 7 500 property transactions for the year. This could be attributed to the increased popularity of the high-end security estates that have been developed in Pretoria East, particularly those such as Silver Lakes Golf Estate, Mooikloof Equestrian, Woodhill Golf Estate, Mooikloof Heights, Waterkloof Golf Estate, and The Hills.
The higher turnover could also be attributed to the fact that the number of properties for sale in Sandton was lower in that year, as there is less land available to develop new housing or estates, says Bauer.
However, some of the higher priced properties can be found in suburbs in Pretoria East, such as Lynnwood, where the average price of a home in an estate in the last year is listed as R3 452 000 (according to a recent Lightstone report), or Waterkloof, where the average price of an estate home in the last year has been R3 708 000.
The average sectional title property price for the year in Waterkloof is high – at an average price of R4 513 000, whereas other areas such as Lynnwood or Faerie Glen, the average prices are around R1 211 000 to R1 611 000.
Many residents in Pretoria East have been known to say that they prefer living there to other suburbs of a similar calibre, and they have the benefit of a less congested area with fewer traffic problems, as well as it being easily accessible from major highways - the N1 and the N4. The area is known for its large, open spaces, allowing for bigger gardens and freestanding houses, while still catering for those who prefer to live in townhouses or security estates.
“One can easily understand the demand. Apart from the upmarket housing available at still affordable prices, the city’s top ten schools are located here: including St Alban’s College, Pretoria Boys High, Afrikaanse Hoër Seunskool (Affies), Afrikaanse Hoër Meisieskool and Hoërskool Waterkloof and Pretoria High School for Girls, and the area is particularly well suited to young families,” said Bauer.
Author: SAPROPERTY
