{"id":685203,"date":"2023-05-20T17:00:33","date_gmt":"2023-05-20T15:00:33","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=685203"},"modified":"2023-05-19T17:06:57","modified_gmt":"2023-05-19T15:06:57","slug":"big-shift-for-property-in-pretoria-this-is-what-you-can-get-for-up-to-r5-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/685203\/big-shift-for-property-in-pretoria-this-is-what-you-can-get-for-up-to-r5-million\/","title":{"rendered":"Big shift for property in Pretoria – this is what you can get for up to R5 million"},"content":{"rendered":"

Pretoria’s property market is shifting into a buyer’s market, says real estate group Seeff, with areas starting to present value to those who can afford it.<\/p>\n

The city has been one of the better-performing markets in Gauteng over the last decade, with Stats SA data showing price growth of around 91% between 2010 and 2022 compared to Johannesburg’s 71%.<\/p>\n

Recent data from Lightstone shows that nearly 30,000 transfers worth over R38 billion took place in Pretoria during 2022 alone, with an average selling price below R1.2 million. Roughly 75% of all the transactions were below R1.5 million, and under 6% of the market was below R3 million.<\/p>\n

According to Gerhard van der Linde from Seeff Pretoria East, however, the market has started changing, and is now \u201cstuck in low gear” due to higher interest rates and the rising cost of living hurting demand for residential property in general.<\/p>\n

Sellers are under financial strain as the market begins to favour buyers due to no real house price growth expected in the near term, he said.<\/p>\n

With few buyers and more properties, supply will outpace demand.<\/p>\n

Properties in Pretoria are currently offering good value for money for those expecting an upswing in the future.<\/p>\n

In addition, buyers are less sensitive to high-interest rates in the higher price bands, with the most active price band in Pretoria East being between R3 million and R5 million.<\/p>\n

Van der Linde added that property remains a strong and stable investment and is outperforming numerous asset classes.<\/p>\n

Moreover, Tiaan Pretorius, manager for Seeff Centurion, said that buyers have a large selection of properties to choose from due to a decline in the number of potential buyers.<\/p>\n

The market is partially sensitive to the higher interest rate, with sellers needing to ensure that pricing is competitive.<\/p>\n

Pretorius added that Centurion remains an active spot up to R4.5 million, as there is active movement in the sub-R2 million range, and demand for high-end estates valued between R2.8 million to R3.5 million.<\/p>\n

He also said that sellers in the area seem to favour reputable agencies, with properties listed on property portals having a 35% less chance of selling, as a lot more is required to get a property sold than listing it on the internet.<\/p>\n

In Centurion, first-time buyers can expect to fund good value for sectional title properties, with property in Doringkloof, The Reeds and Highveld available for below R800,000 – a full title house will cost roughly R1.7 million.<\/p>\n

He said that the rental market also remains buoyant as high-priced rentals above R18,000 per month started to increase, however, the\u00a0R9,000 to R15,000 range is the most active.<\/p>\n

As both tenants and landlords are both suffering under rising interest rates, there is an upward movement in rental amounts in line with CPI.<\/p>\n

Below are some properties available in Pretoria and Centurion across various price points:<\/p>\n

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