There is a big demand for property in Brooklyn, Waterkloof and Faerie Glen, says Seeff
Brooklyn, Waterkloof and Faerie Glen are among Pretoria's most prestigious suburbs for various reasons. Not only are they all in ideal proximity to the most desirable activities and amenities the City has to offer, but the demand for property in all three these suburbs have also grown consistently in recent years. Gerhard van der Linde, Seeff's Managing Director in Pretoria East, says that much of Brooklyn's appeal lies in the fact that the suburb does not have much land available for residential development, yet there are plenty people who want to live here. "The good schools and The University of Pretoria are major draw cards of the area and makes Brooklyn an enviable address where both families and students want to reside in. Activity in the area, however, consists mostly of upgrades and rezoning for commercial purposes". Van der Linde continues that approximately 80 residential properties in Brooklyn sell annually of which around 80% are full title stands. "If more sectional title units were available though there would certainly be a market for it. The biggest demand for properties in Brooklyn is in the price range of around R2,5 million to R3 million, while the biggest demand for sectional title is below R2 million. Van der Linde concludes that although Brooklyn is mostly a buy-to-live area, Seeff has concluded a significant number of rentals here as well. According to van der Linde the well maintained suburb of Waterkloof is home to some of the city's most expensive real estate, and is a highly sought-after area with several ambassadorial residences. ""Around 100 properties per annum are transferred in Waterkloof. Like in the case of Brooklyn, upwards of 80% of these sales are full title properties, with the balance being sectional title. The average selling price of full title property is slightly below R4 million, with the highest demand in the price range R3 million to R 5million. Many buyers are looking to buy older properties in the price range of around R2.5 million to R3 million, with the intention to completely renovate. There are not many sectional title properties available in Waterkloof, but they are selling at an average price of slightly below R2 million". Van der Linde concludes that significant renovations and additions are taking place on properties in Waterkloof. "In some instances older houses are bought with the intention of demolishment and the re-building of new houses. This is happening on many of the hilltop areas. The adjacent areas of Waterkloof Ridge and Waterkloof Park still have vacant land available, which is highly sought after by developers and a number of "green" developments are on the radar". With regard to Faerie Glen van der Linde says that although it is adjacent to the current focus development, Menlyn Maine, that has been earmarked to become the CBD of Pretoria East, this suburb has kept its character as a quiet, peaceful neighbourhood. Average prices for full title units are around R1.9 million and sectional title units are around R 1 170 000. In the past five years the prices of full title units have grown by 34% and sectional title units by around 41%. He says that there are many residential opportunities in Faerie Glen, especially between January Masilela and Solomon Mahlangu Drives, where stands of over 1000m2 are ideally located for the development of a second dwelling or the so-called duet set-up or for subdivision. "Faerie Glen is one of the older developed areas in Pretoria East and no more open areas are available for building big sectional title developments. There is however 4000 sectional title units in the suburb and any unit in a good condition which is priced correctly will sell without difficulty".