A growing number of first-time home buyers are finding value in Gauteng’s Pretoria North area, with an estimated 42.5% of all buyers over the last 12 months aged between 18 and 35.
Nick Van Dyk, Adrienne Hersch Properties Pretoria Branch Manager, says the area offers first-time buyers affordable, quality and easily-accessible homes.
He says from a pricing perspective, it is easier for young professionals and young families to enter the property market in Pretoria North as opposed to the more affluent suburbs in Pretoria East.
“We generally find that once these first-time homeowners mature, and their income and professions become more secure, they relocate to the ‘East’.”
Nick says apartments are the most popular property type in the area, with an estimated 90 apartments being sold in the area this year as opposed to an estimated 43 freestanding homes.
He adds that buyers are drawn to the area’s proximity to major arterials, including the N4 and N1 highways, enabling quick access to a host of areas as well as the Pretoria CBD.
One bedroom apartments range from R400 000 to R600 000, two bedroom apartments sell for between R580 000 to R1.1 million, while a three-bedroom townhouse ranges between R 1.1 million and R 1.6 million. Freestanding houses sell for between R 1.3 million and R 2.2 million.
He says with rentals in the area soaring over the past six months, Pretoria North has also emerged as a hotspot for investors looking to make strong returns.