Massive new retail and commercial developments in the Tshwane suburb of Menlyn are attracting thousands more employees to the area – and boosting residential demand and prices in the neighbouring suburb of Faerie Glen, says local Rawson Property Group franchisee Bertie Lombard.
“There are more than 500 shops, restaurants and entertainment venues in the Menlyn Park shopping mall, which has just been revamped at a cost of around R2,5m, and many of those who manage or work in those stores want to live nearby. Meanwhile new office and retail developments continue to come on stream at Menlyn Maine, which has been planned as Africa’s first ‘green city’, and will shortly also have a huge new hotel and casino.
“There are cranes and construction work wherever you look here, especially along the main arterials such as Atterbury Road, but Menlyn itself is a relatively small suburb with not nearly enough homes available to meet the increased demand. There are some new apartments for sale off-plan at Menlyn Maine but for now the demand is really focused on Faerie Glen and on Garsfontein, which also adjoins Menlyn.”
Apartments and townhouses in Faerie Glen and its many extensions are particularly “hot property” at the moment, he says, and well-priced units are selling very rapidly – sometimes within hours of being listed. “Of course rental demand here is also very high so investors are currently competing with the young owner-buyers who currently account for about 30% of all the sales in the area. Stock is in short supply and prices are climbing steadily as a result.
“The average price for sectional title properties in Faerie Glen has risen from R955 000 to R1,2 million over the past three years and two-bedroom flats or townhouses currently make up less than 15% of the total number of homes for sale in the suburb, at prices ranging from around R760 000 to about R1m. Studio and one-bedroom units are even harder to find and there are currently only about 30 such units available in the whole of Faerie Glen.”
Meanwhile the average price for freehold homes in Faerie Glen has climbed from R1,58m to R1,95m in the past three years and the average listing price for three-bedroom homes is now over well over R2m.
Lombard says Faerie Glen is also popular with family buyers because of the excellent schools in the area such as Glenstantia Primary, The Glen, Hoërskool Garsfontein and Doxa Deo, and because it offers excellent access to the freeway network and has such a huge array of shopping, recreation and sporting facilities right on the doorstep.
“In addition to being close to Menlyn Park, Faerie Glen has its own Pick ’n Pay Hypermarket, the Atterbury Value Mart and several other retail complexes. Residents also have access to a lovely nature reserve offering hiking and birding trails, three golf courses within easy reach and a choice of two Virgin Active gyms. It also has its own private hospital.”
There are some very large luxury homes in the area, he notes, and these generally boast five and six bedrooms and several bathrooms as well as huge living areas, staff accommodation, three or four garages, pools and established gardens. Many are also set high up on the southern slopes of the Bronberg Ridge and offer panoramic views across the suburbs of the ‘old East’ towards the Pretoria city centre.
“Prices for these modern mansions start at around R4m, though, and range all the way up to about R12m, so there is understandably much higher demand for the three and four bedroom homes that make up the bulk (about 70%) of the local market.”
Lombard says that with security being such an important consideration for most buyers these days, there is especially high interest in duplexes, duets and cluster homes within secure complexes or boomed-off areas, and that his office currently has a good selection of such properties for sale at prices from around R1,4m to about R2,9m.
“For those who would prefer a newly-built home, we currently also have an exclusive new development for sale in Faerie Glen Ext 28 that offers just 10 three- and four-bedroom luxury townhouses at prices from R3,336m to R4,188m.”