According to Pam Golding Property Group’s recently released quarterly research report, The Study, which incorporates the Pam Golding Residential Property Index, house price inflation within South Africa as a whole slowed to 5,8% percent in 2015. Regions such as Pretoria and Centurion have, however, bucked this trend, recording 28,4% and 32% respectively.
Retha Schutte, Pam Golding Properties’ regional executive, Pretoria, says the Pretoria region is benefitting from considerable investment by local government in infrastructure development such as roads, the Gautrain and the Bus Rapid Transit system. It is also benefitting from continued investment by the private sector in commercial, retail and residential development.
She names such hotspots in Pretoria as Menlyn and now Loftus, as well as Hatfield and Menlo Park, which are undergoing redevelopment.
In the “Old East”, such as in Brooklyn, she reports, developers are demolishing homes in order to erect new apartment buildings. To add to this is the R44 billion mixed-use project for the Hazeldean area, recently approved by the Tshwane metropolitan district.
The demand for high-rise city living is a discernible trend, she notes, pointing to “excellent” take-up at the Regency, a large luxury apartment development in Menlyn being marketed by PGP and on which building has commenced. The first phase of 100 apartments has been sold off plan, with the second phase of 80 units soon to be released. There will be 227 units in total, ranging in price from R1,05m to R2,4m.
(Photograph: Artist’s impression of The Regency in Menlyn)