If you're taking your first step on the property market, there's an area which offers great value for money. That's the word from Thireshni Sanasy, National Head of Marketing at Century 21 South Africa. She says amidst uncertain economic conditions Pretoria or Jacaranda City offers a "purple patch of opportunity". A range of factors like world-class amenities, prime properties, diverse neighbourhoods, and a hot location make Pretoria a top choice to live an exceptional lifestyle without breaking the bank.
Behind Pretoria's appeal
According to Lightstone data, Pretoria achieved 29,828 transfers worth more than R38.7 billion during the 2022 year, with the average selling price being R1.2 million. Sanasy says this highlights the demand for property and can be chalked up to these selling points:
- Affordability: A recent study by NetCredit found Pretoria is the most affordable capital city to live in in the world when comparing property price to income. The average home costs just seven times the average salary, meaning it would take only 4.7 yearly salaries to afford the median house price in the area.
- Location: Being central, Pretoria is an attractive option if you're working in Johannesburg (45 minutes) or surrounding areas or looking to make a weekend trip to Hartbeespoort (38 minutes). The city also has Gautrain connectivity for effortless commuting across Gauteng.
- Neighbourhoods: The area has a range of suburbs that cater to all needs. Budget-friendly options include Pretoria Central, Dorandia, Silverton, Montana Park, and Garsfontein.
- Lifestyle: Pretoria's wealth of amenities is a major drawcard for professionals, families, retirees, and students. The city boasts stellar shopping centres, healthcare facilities, schools, universities, and restaurants. Pretoria's pleasant climate ensures one can enjoy the many cultural and recreational pursuits on offer.
- Job market: According to CareerJunction's most recent Employment Insights report, Gauteng offers the most employment opportunities in South Africa. Pretoria is seeing a growing job market within the city but with a lower cost of living compared to neighbouring areas like Johannesburg. As the administrative capital, Pretoria is also home to government departments and officials.
Pretoria's property market
On the property hunt, first-time buyers will find vibrant property offerings. According to Lightstone, the area has a good mix of real estate, including freehold properties (48.17%) and sectional title units (37.69%). The area is also seeing great interest from young buyers. Although only 8% of current owners are aged 18-35, the same demographic make up 28% of recent buyers in the past year.
"Buyers are gravitating towards apartments and smaller homes which are popular for their manageable costs and upkeep. Security estates are also in high demand. Modern layouts, energy-efficient features and proximity to amenities are key considerations," says Sanasy.
With the average national price of property sitting at R1,411,434, Sanasy also highlights that the market remains accessible for those entering the market. "On Century 21 South Africa's website, you'll find almost half of properties listed at this pricing and below. Our most affordable property, for example, is a one-bedroom apartment in Dorandia that is perfect as an entry-level home or investment (pictured). Complete with a lovely open-plan sitting room and kitchen and being near major amenities, it offers fuss-free living in the heart of Pretoria North."
Tips for buying in Pretoria
With careful planning, Sanasy says first-time buyers will find success on the market. "Define your budget and needs, research neighbourhoods, pre-qualify for a mortgage, partner with a qualified agent, negotiate strategically, and be patient to find your perfect fit," she says.
While the current interest rate and cost of living, affordability might be impacted, Sanasy says buyers should look for "pockets of opportunity in up-and-coming areas" with the help of local property professionals. "Century 21 Montana/Moot truly stands out as the go-to real estate agency in Pretoria," says Sanasy. "They have an experienced team, unparalleled market knowledge, innovative marketing strategies, and a client-centric approach that tailors services to individual needs. In their hands, rest assured you'll make your first step on the property ladder count."