31 Dec 2012
This is according to Andre Theron, Rawson Properties’ franchisee for the area, who says the time is right because most of the 120 or so properties on his stock list (as well as those listed by other agents) are priced at or even below the 2006/2007 levels.
He says almost without exception, they represent good value, which is unlikely to be seen again in the years ahead.
The 5 876 Garsfontein residential properties are divided 60/40 between freehold and sectional title and their selling prices are from R 800 000 to R1.2 million.
Theron says this makes the area upper middle class, as household incomes can range from R24 000 to R37 000 and residents are predominantly in LSM 9 group.
He says the area is well suited to young families because it has established Afrikaans and English medium primary and secondary schools and it is within easy commuting distance of Pretoria University which offers almost every tertiary education discipline in both the sciences and the humanities.
At the moment, Theron says most of the residential demand is focused on the R1 million to R1.5 million bracket and very little turnover is being achieved in the upper level homes, which are often front-runners in design and landscaping.
He says today’s buyers realise the market is slanted in their favour and they are inclined to take their time about making a decision.
Typically, a buyer will visit 20 properties or more, and will probably try his luck and put in an offer that is significantly below the asking price. “This type of behaviour is very often counter-productive, but for many it does result in a good buy in the end.”
Buyers who hope to get a 100 percent bond are still likely to be disappointed, although the banks’ attitude towards bond applicants is loosening with 80 percent or 90 percent of bond applications now usually being well received.
With so many factors in its favour, Theron foresees the demand for homes in Garsfontein picking up steadily from here onwards.
“Every month in Pretoria, 250 new buyers start looking for homes.”
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