Move over Sandton, Pretoria East is now where it is at for high-net-worth (HNW) buyers and investors. Where the Sandton market topped R6.4 billion last year, Pretoria East boasts turnover of R8 billion and some 7 500 property transactions.
This four bedroom, four bathroom home for sale in Sterrewag in Pretoria East has a pool, staff quarters and three garages. It is on the market for R9.45 million - click here to view.Gerhard van der Linde, MD for Seeff Pretoria East, says that the area ranks amongst 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 R2 million per unit sold for the last year.
While each of the suburbs of the area is unique in terms of property and prices, Van der Linde says the area is home to the most sought-after and prestigious address for HNW buyers and investors who are prepared to pay ever higher prices for a luxury homestead and prices are increasingly breaching the R20 million price barrier.
This five bedroom, two bathroom home for sale in Lynnwood has a flatlet, heated pool, two solar geysers, borehole, office, four garages and two carports. It is selling for R6.45 million - click here to view.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 that rank amongst the most sought after in the country, such as Mooikloof Equestrian, Woodhill Golf Estate, Mooikloof Heights, Waterkloof Golf Estate, Silverlakes Golf Estate and The Hills.
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 and Hoërskool Waterkloof and Pretoria High School for Girls.
This three bedroom en suite home for sale in Waterkloof has an office, pool, double staff quarters, double garage with parking for five more cars, borehole and automatic sprinkler system. It is selling for R6.9 million - click here to view.“Additionally, we have two top universities, the University of Pretoria and University of South Africa (UNISA), the largest university on the African continent,” he says.
Loftus Versfeld, home to the Blue Bulls rugby team and Sundowns Football Club, is another landmark of the area.
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.
Commercial and retail developments such as the Menlyn Mega Mall and Menlyn Maine have brought a new level of luxury to the area, giving residents access to top-class facilities. The area is also on an excellent transport grid with main arterials that feed into the city’s main business areas, and also to Midrand and Johannesburg, as well as the airport and East Rand.
This three bedroom en suite home for sale in Brooklyn, Pretoria East, has a covered patio and pool, double garage and staff quarters. It is on the market for R5.2 million - click here to view.According to data, the area has seen consistent price appreciation over the last few years, with the average price for a three bedroom house now standing at around R2.2 million, and the average rental at around R16 500 per month.
Although the busiest price range is below the R3 million to R5 million price mark, up to a third of all sales now in the R5 million to R10 million price band. While only a handful of sales has topped the R20 million mark, Van der Linde says he expects this upper level to shift once the economy improves.
PG van der Linde, Rentals Manager for Seeff Pretoria East, says the rising status among wealthy buyers and tenants means that it now attracts top-end rental rates, comparable to those being achieved in Sandton.
This four bedroom en suite home for sale in Waterkloof Ridge has high ceilings, study, garaging for six cars, double staff quarters, covered patio with built-in braai and pool. It is selling for R11.95 million - click here to view.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, but rentals can now range to R80 000 for a top-end luxury home. 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.
Super-luxury homes in the area most certainly pack a punch in terms of the exceptional value that you get, and Van der Linde says that although the market is shifting with more stock coming onto the market, Seeff is still seeing good activity.
“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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