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Almost half of bond applications rejected in Pretoria East

Woodhill homeSome 40% of applications for housing finance are turned down in sought-after Pretoria East suburbs, where the biggest demand is for homes priced below R2,5m.

This is according to Gerhard van der Linde, Seeff’s MD in Pretoria East, who said the most popular areas are Garsfontein, Faerie Glen, Moreletta Park and Equestria.

“Homes in security complexes as well as townhouses and any higher density homes in especially the Menlyn area are also selling fast,” he said, noting that financial institutions “have very conservative approaches to financing and sadly find more reasons not to lend money than the reverse”.

Nedbank Home Loans declined to comment on the high percentage of home loan declines, citing market sensitivity.

“Prices in Pretoria East have grown by 9.67% compared with 2015, and that the highest price last year was achieved for a home in Waterkloof for R17m,” said van der Linde. “This year the highest price is for a home in Mooikloof for R7,2m.”

Top photo: This home in Woodhill Golf Estate is on the market for R19,8m. The home is located on the fairways and has five bedrooms with en-suite bathrooms, open-plan entertainment areas, a pool and vast undercover patios. 

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David A Steynberg, managing editor and director of HomeTimes, has more than 10 years of experience as both a journalist and editor, having headed up Business Day’s HomeFront supplement, SAPOA’s range of four printed titles, digimags Asset in Africa and the South African Planning Institute’s official title, Planning Africa, as well as B2B titles, Building Africa and Water, Sewage & Effluent magazines. He began his career at Farmer’s Weekly magazine before moving on to People Magazine where he was awarded two Excellence Awards for Best Real Life feature as well as Writer of the Year runner-up. He is also a past fellow of the International Women’s Media Foundation.

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