The sectional title and estate markets have become increasingly important in the Pretoria region in recent years. This is according to Retha Schutte, Pam Golding Properties regional executive, Pretoria region, who said complexes and estates throughout the Pretoria region are in high demand among buyers and renters, particularly as access to facilities and security remain of major importance to residents.
On a national level, estate properties have an average price more than three times higher than other types of residential property, according to property research company, Lightstone.
“This trend is also being expressed in the sectional title market and increasingly more upmarket estates are introducing sectional title components, which make them sought after and more accessible to buyers,” she said.
The Pretoria East Hazeldean region offers a host of developments where these two options are contributing to the growth of the node. This is according to Pam Golding Properties Gold Club agent, Inge de Klerk, who said there are 11 residential estates in the Hazeldean region and all are security estates or sectional title security complexes. “They include areas such as Silver Lakes golf estate, Silver Stream Estate, Silver Woods Country Estate, Lombardy, Six Fountains, Willow Acres and Newmark,” she said. “The range of accommodation available makes homes here popular among families, professionals, first-time buyers, embassy staff and retirees alike.”
According to Lightstone, average valuations on homes in upmarket Silver Lakes are R3,7m while the average home in Willow Park Manor is a little more than R1m. In Willow Acres almost 25% of homes are owned under sectional title arrangements and more than 75% are situated in an estate. In more upmarket Silver Lakes these figures are 3.9% and 96.10%, respectively.
“Across these areas, homes priced between R1,5m and R4,5m, in particular, continue to be snapped up,” said Schutte. “The growth that the Hazeldean region has undergone has been remarkable. The area has become a mixed-use community and an increasingly important growth node. It combines residential properties, retail shops, restaurants, office blocks, medical suites, a gym and also offers a popular weekend market, outstanding schooling options, as well as a popular retirement village.”
Photo: This home in Silver Woods is on the market through Pam Golding Properties for R5,3m.