State spending to boost Moot property market
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Many parts of the Moot are undergoing
extensive rejuvenation as the original large stands are subdivided and
old houses are replaced with new duets and clusters. Chas Everitt International
has the mandate for this modern Tuscan in Waverley, which has four bedrooms,
seven reception areas and fabulous views and is on the market for R3,8-million.
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The property market in the Moot area of Pretoria is to reap substantial benefits
from the recent purchase of land in the area by the Department of Foreign Affairs
for its new office development. The development, expected to start early in
the new year, will boost the entire eastern part of the Moot, says Jaco Bouwer,
co-principal of the Chas Everitt International franchise in the Moot.
"The suburbs of Queenswood, Riviera, Colbyn and Deernis are expected to
draw greatest benefit from the new development along Soutpansberg Road, but
a knock-on effect can confidently be expected for the whole region," he
says.
Residential property in the Moot is already popular among civil servants and others who work in the CBD, but the new development is expected to further boost demand. The Foreign Affairs development is also expected to stimulate fast development of peripheral office developments, for which a great demand already exists, Bouwer says.
Confidence in the area is further underlined by the planned R20-million upgrade of the Jacaranda Centre, one of the Moot's most prominent shopping centres. The centre, with an 80 percent national tenant occupation, is to be enlarged by 15 000sqm and have more parking bays made available.
Bouwer says a discernible trend is that people who grew up in the Moot are
increasingly returning to raise their own families. "Drawcards are the
relative lack of serious crime, the wide streets that give easy access to the
city and the eastern suburbs, especially since the Stead Avenue link to
the east was established, and the large stands.
"Many of the properties already feature one-bedroom flats or cottages
and these are popular as accommodation for students in the family and, increasingly,
for retired parents. Indeed, properties with such cottages are in high demand
since a dire need for more retirement centres exists. Any
retirement development in this area usually sells out long before building starts."
But the biggest demand, currently, is for homes in the R700 000 to R800 000 price range and properties in this range usually sell within four weeks of listing. Student communes are also very popular because of the proximity to the University of Pretoria.
"There are many bargain hunters around, but, unfortunately, no real bargains at the moment. However, buyers should know that the Moot offers solid value and that growth of around 20 percent for this year is still realistic," Bouwer says.
Issued by Chas Everitt International
For further information call Brenda Smith at
Chas Everitt International Bryanston on 011 463 2033
or visit www.chaseveritt.com