In the area 1 – Wapadglen

Demand for sectional title units in suburbs east of Pretoria is climbing once more.

This is the news from Nelis Bezuidenhout of the RealNet office that serves Wapadrand, Faerie Glen and Garsfontein.

“Activity has increased in the past few months, no doubt spurred by the latest interest rate cuts, and sales are up despite many potential buyers being kept out of the market by the fact that the banks now require deposits of between 10 and 15% and are no longer advancing loans for transfer costs.

“Buyers are mostly targeting sectional title units up to R1m, with entry-level properties the most sought-after.”

Prices in the area start at around R500 000 for sectional titles with two bedrooms and a single bathroom on the first floor. Similar free-standing units in security complexes are selling at prices of up to R700 000.

Bezuidenhout says buyers across the spectrum are showing interest. “Older and young couples, as well as single buyers who prefer the security of a lock-up-and-go lifestyle are active in the market.

“Residents who have been renting in the area up till now are also increasingly opting to buy their own units – a very encouraging sign for the local market.”

There is, however, still strong demand for rental units, with most demand in the R3200 to R5500pm range. Bezuidenhout adds that a fair percentage of the units that are currently for sale are investment units with rental contracts in place. “These represents good buys for investors in the buy-to-let market,” he says.

The area is popular among sectional title buyers because of the wide variety of units available as well as reasonably good access to major routes such as the N4 highway to the city centre and Witbank, the R21 to the Oliver Tambo international airport and the East Rand, as well as the N1 to Johannesburg and Pietersburg, Bezuidenhout says.

Article by: www.realnet.co.za