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PICS: Pretoria East could top Sandton for luxury properties in Gauteng

Jul 28 2017 07:00
Carin Smith

Cape Town - Move over Sandton, Pretoria East is now the target for high net-worth buyers and investors, according to Gerhard van der Linde, MD for Seeff Pretoria East.

Where the Sandton market topped R6.4bn last year, Pretoria East boasts turnover of R8bn and some 7 500 property transactions.
 
Van der Linde says the area ranks among the busiest markets in Gauteng and currently outranks Sandton in terms of the number of properties sold and total value generated.

Both areas boast a very similar average selling price of just over R2m per unit sold for the last year.
 
While each of the suburbs in the area is unique in terms of property and prices, Pretoria East is home to the most sought-after and prestigious addresses for high net-worth buyers and investors who are prepared to pay ever higher prices for a luxury homestead.

Prices are increasingly breaching the R20m price barrier.
 
The city’s most expensive suburbs are all here and include Waterkloof Ridge, Waterkloof, Sterrewag, Brooklyn and Lynnwood.

Additionally, there is a high concentration of exclusive security estates such as Mooikloof Equestrian, Woodhill Golf Estate, Mooikloof Heights, Waterkloof Golf Estate, Silverlakes Golf Estate and The Hills.

READ: See what this luxury Gauteng property offers for (just) R26m

Van der Linde says almost all of the city’s top ten schools are located in Pretoria East, including St Alban’s College, Pretoria Boys High, Afrikaanse Hoër Seunskool (Affies), Afrikaanse Hoër Meisieskool, Hoërskool Waterkloof and Pretoria High School for Girls.

Mooikloof property for R25m:

Additionally, the city boasts the University of Pretoria and UNISA (University of SA), the largest university on the African continent.
 
Loftus Versfeld, home to the Blue Bulls rugby team and Sundowns Football Club, is another landmark in the area.

A luxury home in the Woodhill Golf Estate, one of Gauteng's top golf courses for R9.5m:


Regardless of the challenges, Van der Linde says the metro remains an important government and ambassadorial hub for the country and will remain a sought-after property market. It is the main seat of government with the Union Buildings and some 133 embassies and high commissions in the area.

A luxury home in the Woodhill Golf Estate for R9.5m:

Commercial and retail developments
 
Commercial and retail developments such as the Menlyn Mega Mall and Menlyn Maine has brought a new level of luxury to the area, giving residents access to top class facilities, he says.

A magnificent 860m² homestead in Wapadrand for R8m:

The area is also on a transport grid with main arterials that feed into the city’s main business areas, but also to Midrand and Johannesburg as well as the airport and East Rand.

Homestead in Wapadrand for R8m:

 

According to Private Property data, the area has seen consistent price appreciation over the last few years with the average price for a three bedroomed house now standing at around R2.2m and the average rental at around R16 500/month.

Homestead in Wapadrand for R8m:

 

Although the busiest price range is below the R3m to R5m price mark, up to a third of all sales is now in the R5m to R10m price band. While only a handful of sales have topped the R20m mark, Van der Linde expects this upper level to shift once the economy improves.

READ: Top 20 super luxury apartments in SA - report

Rentals
 
PG van der Linde, rentals manager for Seeff Pretoria East, says the rising status among wealthy buyers and tenants means it now attracts top end rental rates, comparable to those being achieved in Sandton.

Mooikloof Equestrian Estate for R14.5m:

The highest rentals achieved currently are in Woodhill Golf Estate, Mooikloof Equestrian Estate and Waterkloof with rates paid of up to R47 500, R50 000 and R69 500 per month. Rentals can now even range up to R80 000 for a top end luxury home.

Mooikloof Equestrian Estate for R14.5m:

Escalation rates are currently around 6.5%, while landlords are achieving yield of around 7% on average, but there are always variations depending on the area and property.

Waterkloof Ridge home for R11.95m:

 

Van der Linde says super luxury homes in the area offer exceptional value and, although more stock is coming onto the market, Seeff is still seeing good activity.

Waterkloof Ridge home for R11.95m:

"In a climate where location is king, Pretoria East will always be a top choice for buyers from a broad spectrum of sources," he says.

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seeff properties  |  sandton  |  pretoria  |  gauteng  |  luxury  |  property  |  sa economy

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