Eyeing up property in Pretoria? If you're a first-time buyer, you're not alone. According to Lightstone research, Pretoria is outscoring major city centres when it comes to attracting first-time buyers - and by some distance. The Jacaranda City's properties in the R700,000-R1 million band, in particular, have been resonating with those on the market for the first time.
It's still a buyer's market
On the property hunt, you'll find a plentiful supply of available properties. Demand is quite low at the moment, ensuring you can buy at a competitive price. Interest rates remain steady, keeping the repo rate at 3.5 per cent and the prime lending rate at 7 per cent. This makes paying off that home loan much easier.
Banks are also approving 105% and 108% bonds, empowering buyers to secure a home and the accompanying costs. This follows from 2020; FNB's Property Barometer reports that the year is set to register the highest volume of mortgage approvals in over a decade.
With a raised zero-transfer fees threshold still in play, properties in the affordable market are more accessible than ever. In Pretoria, you can take advantage of this.
Pretoria's property options
First-time buyers will find many new flats and residential developments available to put down roots. Good suburbs to consider include Pretoria North, Sunnyside, and Faerie Glen. These areas have reasonably priced homes, while still offering a comfortable lifestyle and sound infrastructure. You can pick up a one-bedroom apartment for R395,000 in Pretoria North; a similar flat in Sunnyside matches this price. A two-bedroom apartment in Faerie Glen can be purchased for only R799,000.
Pretoria's career opportunities
Ambitious first-time buyers will appreciate the work prospects that Pretoria has to offer. An Adzuna study in 2020 found that the city ranked in the top three for vacancies available on the site. The city has a high demand for IT professionals and, as the administrative capital, provides significant employment for civil servants. The city is always looking for ways to create more jobs. At present, there is an ongoing R44 billion development node in the east of Pretoria which holds the promise of more positions.
Pretoria's hot location
Pretoria is like Johannesburg's easy-going sister. Its relaxed pace and climate make it a fantastic choice. Located just 66 km away from Johannesburg, it allows access to work and play in the bigger city. Pretoria is also in close proximity to Bronkhorstspruit, Centurion, and the Midrand. As a resident of Pretoria, you will also be near Hartbeespoort (35 mins) and Bela Bela (1 hr 12 min) for weekend trips and holidays.
Pretoria's schooling scene
Some of the country's top schools are located in Pretoria. A huge plus for budget-conscious first-time buyers is that these are often more affordable than those in Johannesburg. Schools include Pretoria High School for Girls, Pretoria Boys High School, Waterkloof Primary School, and Lynnwood Ridge Primary School. Your child's academic excellence can continue at a tertiary level at the University of Pretoria, Tshwane University of Technology, and Rosebank College, to name a few options.
Pretoria's exceptional lifestyle
Pretoria is sought-after by first-time buyers looking for quality living. The city boasts excellent healthcare through Netcare Pretoria East Hospital, Life Groenkloof Hospital, Mediclinic Muelmed, and more. Shopping is a breeze at Menlyn Park Shopping Centre, Brooklyn Mall, and Sunnypark Shopping Centre. First-time buyers also choose Pretoria for the recreational spaces on offer from Rietvlei Nature Reserve, Freedom Park, to the Pretoria National Botanical Garden. Pretoria's fun activities guarantee a day is never wasted.
Buying a home can be daunting for the first time. However, making Pretoria your new address ensures you live the life you want. Century 21's team of SMARTER. BOLDER. FASTER.™ property professionals in Pretoria will help make it happen. View our properties for sale in the area and get in touch today.