Market turning upwards in Pretoria East

Pockets of the property market in the eastern suburbs of Pretoria are now performing well once more and sales are climbing in areas such as Garsfontein and Olympus.

Says Helen Taylor, manager of Aida Pretoria East: “Garsfontein is drawing family buyers because of good local schools and established infrastructure, and new security developments are boosting sales in Olympus.

“Development of Olympus started about six years ago when developers bought up smallholdings, and units in security complexes are currently in high demand among a broad spectrum of buyers. Many come from the suburbs, drawn by better security, while a fair percentage are young buyers upgrading from townhouse living.”

Full-title cluster homes on stands of about 600sqm are selling at prices between R1,3m and R2,6m, she says. Luxury full-title units sell at prices of up to about R10m.

Taylor says although stock levels are reasonable at the moment, future shortages are possible because many planned developments are on ice awaiting municipal services.

Meanwhile in nearby Garsfontein, all types of properties are in demand. Townhouses in secure complexes are selling at prices from about R600 000 while duets are fetching between R700 000 and R800 000. Full-title homes are selling from around R1,3m, while luxury double-volume homes with top finishes, large gardens and a pool sell are going for just under R2m.

Taylor says buyers view Garsfontein as a stable and secure area. “Garsfontein is fully developed and residents view this as a contributing factor to low crime levels. The suburb also has a strong and active security forum.

“It is interesting to note that buyers in Olympus also state security concerns as their reason for relocating to the area. Although construction continues, most new developments offer security measures such as closed estates with gate guards.”

Article by: www.aida.co.za