Oldies' back in fashion in eastern Pretoria

Traditional family homes on single stands in Die Wilgers and surrounding suburbs are once again “hot property” in the eyes of buyers with young families.

Fransiska Schutte of the local RealNet franchise reports that freehold homes with market-related prices are selling virtually as soon as they become available. "Buyers in the 36 to 49 age group who have had their share of trying to raise children in security complexes are snapping up family homes where their children have the space to play backyard games and climb trees," she says.

Homes in La Montagne, Equestria, Die Wilgers, Lynnwood Ridge and Wapadrand are highly sought-after, especially since full-title homes represent a small percentage of available units in these areas. Schutte says most development in the area in the past decade has been of sectional title and cluster units in security complexes.

“So full-title homes now represent less than 9% of all units in La Montagne, 27% in Die Wilgers, 43%in Lynnwood Ridge, 6% in Equestria, 14% in Willow Park and 5% in Wapadrand.”

On the other hand, she says, a constant stream of younger buyers are targeting entry-level sectional title properties. "There is a perception, however, that so-called entry-level prices have now also moved up, and townhouses of around 124sqm with two bedrooms and two bathrooms, a double garage and a garden now sell at prices of between R850 000 and R895 000."

Investors are still sifting through stock for bargains, which are now becoming scarce as the high volume of distressed sellers is definitely starting to diminish, she says. Investors have discovered that in terms of credit laws, many prospective buyers are still struggling to get bonds due to their financial position and have no other choice but to rent property.

"Consequently, rentals have increased dramatically. Rental units with two bedrooms, a bathroom and single garage can now fetch up to R5500 a month, and units with three bedrooms, two bathrooms and a double garage up to R9000 a month, depending on condition and size."

Whatever their buying choices are, says Schutte, residents of these areas tend to stay on for a considerable time before moving on. “About 30% of residents have been living in these suburbs for longer than a decade.

"We also have a constant migration from entry level in the sectional title market to second stage in sectional title, then to a full-title complex, then to a family home, and then back into sectional title in one of the many retirement villages. We have recently had brand new developments in this category in both Willow Park Manor and Equestria, while the latter also saw the addition of at least eleven new sectional title complexes."

Part of the attraction of this node for buyers is convenience and ambience. "The fact that there is still  farm land available in Lynnwood Road towards the mountain outcrops that run parallel to the road and that there are so many cosy, hidden away and very unique restaurants, nurseries, art exhibitions, antique shops and play areas for children, really contribute to the  area’s popularity,” Schutte says.

"The Grove shopping centre has also undergone new additions and this very modern and upmarket mall will soon offer eight cinemas as well as an ice rink. All the major restaurants and shops are now represented in this well-planned and popular venue."

 

Article By:www.realnet.co.za

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