In the area 1 Waterkloof
home prices are still well down from their boom-time highs but unlikely
to go any lower - so nows the time to buy if you aspire to a property
in premier Pretoria suburbs such as Waterkloof and Brooklyn.
Thats the word from Annette Boshoff, manager of the RealNet Waterkloof & Lynnwood franchise, who notes: Most sellers in Waterkloof, for example, are now at a point where they cannot go lower on their asking prices because they owe too much on their properties and would end up having to pay in to clear their bonds.
But prices are nevertheless much more realistic now than at the start of the recession, and most sales currently taking place in the area are in the under-R2m bracket, with a few in the R2m to R3m range.
It is now possible to acquire a three bedroom, two bath house with pool, double garage and staff quarters on a large stand in Waterkloof proper for just over R2m, which would have been just about impossible in 2006 or 2007. And in among the mansions on Waterkloof Ridge, we currently have a four bedroom, two bath home on a huge stand for sale for under-R2m.
However, she says, this area and neighbouring Brooklyn do not really offer much for young buyers and not only because of the lack of smaller, low-maintenance modern townhouses or clusters that young professionals tend to prefer.
The banks are insisting that all buyers in this area have deposits, so most are parents with children at the top schools in the area, who either already have substantial cash resources on hand or another property they are selling in order to raise the necessary funds.
In Brooklyn, the current best-sellers are older properties priced at between R2m and R2,5m featuring large bedrooms and original architecture, as these are considered bargains for the area.
Property values in Brooklyn are influenced by its proximity to top schools, the University of Pretoria and upmarket shopping centres. It attracts many high-income earners and these executives also enjoy being close to growing Brooklyn business node.
Article by: www.realnet.co.za