With Pretoria’s property prices declining by 0,1% in the third quarter of this year according to Absa’s Quarterly Housing Review, it’s hardly surprising that interest in Pretoria’s suburbs is increasing. However, prices in the city have appreciated, year-on-year by 11,4% according to Absa’s figures.
Local estate agent, Gerrie Coetzee of Pam Golding Properties (PGP) says there has been a notable increase in sales in Pretoria particularly for properties in the middle and upper segments of the market.
He points out that while there are a few cash buyers looking for bargains, most of the sales are based on bond finance with banks insisting on a deposit of typically ten percent.
“Many of the buyers are attracted by the lifestyle that the northern suburbs can offer,” says Coetzee. “Buy-to-let investors have come back into the market and we have good rental stock available at prices that range from R3 800 to R12 000,” he says.
“For first-time buyers, the region is particularly appealing because prices are reasonable and the area has an established infrastructure of highways, shopping centres, entertainment arenas, churches and clinic,” he says.
He says there appears to be some respite for pressurised sellers as a number of luxury properties costing several million rand have been withdrawn recently.
“However, we do still have a number of guesthouses and B&Bs on our books including one that has 16 double rooms and is situated close to Wonderboom airport and the Kolonnade shopping in Montana,” he says.
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