In the area 2 – Pretoria’s new east

Property sales in several of Pretoria’s eastern suburbs have escalated dramatically in the past three months.

Nelis Bezuidenhout of the RealNet Wapadglen estate agency reports that sales in Wapadrand, Faerie Glen and Olympus have increased by about 150% since August, compared to the previous three months.

“Lower interest rates have undoubtedly made a major contribution to the sales figures. Many buyers and investors have taken the declining rates as a sign that the market is at a turning point, indicating good buying opportunities.

“Consequently, levels of available stock in the market have halved in the past three months, although one must add that lower interest rates also put sellers in a better financial situation and caused quite a few to withdraw their properties from the market.”

Most of the residential properties sold, he says, were in the under-R800 000. bracket. Less than 10% were properties costing more than R1m.

Bezuidenhout adds that well-priced properties are still selling smartly and that qualified buyers with deposits of between 5% and 15% are not experiencing significant problems in obtaining bank loans.

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