Property Buyers Return To Pretoria Moot Market

Jaco Bouwer, owner of the local Chas Everitt International office

, says interest from buyers has increased fourfold since the middle of the year. Buyers are, however, doing their homework and can afford to take their time to hunt for homes that will suit their lifestyles as well as their pockets.

Prices are starting to stabilise but they are still at levels last seen in 2006. The market is currently in recovery mode and the excesses of the past boom have mostly been discounted by now. Informed buyers are aware that prices right now are very attractive and they have been further encouraged by better access to bond finance and lower interest rates, which contributes greatly to affordability, Bouwer says.

Consumers who found themselves under pressure to afford repayments on their mortgage bonds due to the economic downturn have mostly taken advantage of banks distressed seller programmes to help them market their properties before they are foreclosed.

Generally, these properties are marketed at lower prices than new stock coming onto the market but we expect upwards pressure on home prices as soon as the current stock of these properties have been taken up.

Prices in the Moot start at around R400 000 for apartments while house prices start at around R700 000. The biggest demand is currently in choice suburbs such as Waverley and Montana Park where prices for comfortable family homes start at around R1m and R1,1m respectively.

The highest turnover, however, is currently recorded in suburbs such as Doornpoort, Rietfontein and Villieria where prices for three-bedroom, two-bathroom homes of between R750 000 and R1m find most favour among buyers.

by: Bazza

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