Strong demand continues to boost sectional title home prices in popular Faerie Glen and Garsfontein to the east of Pretoria.
The average price for entry-level units is currently around R630 000, up from around R560 000 a year ago,says Nelis Bezuidenhout, owner of RealNet Wapadglen, which specialises in the New East sectional title market.
“And we have seen prices overall climb by between 7% and 10% in the past 12 months, as a result of the continued very strong demand for sectional titles in these areas and low stock levels. Well-priced stack units and simplexes generally draw multiple offers within a day of being listed and are usually sold within two to three days.”
He adds that keen buyers, mostly young professionals and young couples, are now even making offers slightly above asking prices in order to secure units. “Strong interest is also evident at show units, which draw up to 20 viewers in an afternoon, and we expect the trend to continue.
“Faerie Glen and Garsfontein offer easy access to the highway network and signature shopping and entertainment venues such as Woodlands, Menlyn and Hazeldean. They are also convenient to existing office parks and the major new developments taking place in the Menlyn area.”
Bezuidenhout says upper-level stack units sell quickly at prices from R630 000 to R660 000 and typically offer two bedrooms, a bathroom and a garage. Units of the same size on the ground floor are now achieving prices of R680 000to R700 000.
The greatest demand, however, is for two-bedroom, one-bathroom brick simplexes of between 87sqm and 100sqm, at prices from R860 000 to R900 000. “Units in this category are, however, very scarce at the moment and are snapped up as soon as they become available. We are lucky if we can source one or two of these units per month while there are multiple prospective buyers queuing up.”
Compact simplexes with three bedrooms and two bathrooms are generally priced from around R1m now, he says, while similar units with larger floor areas in the older parts of Faerie Glen and Garsfontein are now selling from around R1,2m.