Chantelle; A vibrant suburb of Akasia where affordable rentals meet growing property values
Category Property News
Chantelle, situated in the Pretoria suburb of Akasia, is a quaint residential node that is popular among homebuyers and tenants who require affordable yet modern homes. The latest report by the South African Property Transfer Guide (SAPTG) reveals favourable findings of the area that shows promising year-on-year growth.
Chantelle is said to be an extension of the wider region that is characterised by a strong residential market. Its long history shows that the suburb was once an agricultural stronghold where vast tracks of semi-rural land dominated the landscape. Today, this land has been largely replaced by beautiful freestanding homes and a growing sectional-title market.
According to the SAPTG, Chantelle holds the largest stock of freestanding homes, accounting for a phenomenal 90% of the market. And this is followed by the sectional-title market, which makes up a steadily expanding 10% of the market.
Freestanding homes
Most of the freestanding homes in Chantelle appeal to big families who require spacious living and outdoor spaces. Typically sized from around 3 to 5 bedrooms, these homes are a split between recently built modern properties and recently renovated older ones that were built around the early '90s and 2000s. Within the last two years (January 2017 to mid-October 2018), 88 sales have taken place with the average selling price of R780 000.
Even amid a challenging economic environment, this year heralded a positive property market for Chantelle with most home buyers, on average, forking out 27% more for a freestanding home, from R700 000 in 2017 to R865 000 in 2018. This rise is primarily a result of a high demand for property here, which is pushing prices up.
Sectional-titles
Although representing a significantly smaller percentage of stock, sectional titles are set to expand in line with a high demand from home buyers and those looking to rent. The SAPTG report shows that 22 sectional-titles were sold within the last two years, with an average selling price of R887 000.
And similarly to freestanding homes, 2018 saw buyers willing to pay higher prices for these properties. In 2017, the average price paid for sectional-titles was R580 000 and this jumped to R999 000 in 2018 - showing a remarkable 72% increase. In the current economic climate, defined by an escalating cost of living, many people cannot afford to buy homes and are instead opting for affordable rentals in sectional-titles. This trend is opening-up lucrative investment opportunities in the buy-to-let market, and as a result, we are witnessing an influx of savvy investors buying properties to let out to price-conscious tenants.
Affordable yet luxurious rentals
Platinum Manor and Platinum Heights are popular residential developments in Chantelle for both buy-to-let investors and tenants. Both form one precinct, however, it is divided between an estate component and an apartment component. Platinum Manor forms the estates, which are available in three floor sizes including 100sqm, 130sqm and 140sqm. Each home is double-storey and is complete with a private garden, an energy solar geyser, single or double garage, fully tiled, a granite top kitchen with built-in cupboards and built-in wardrobes in the bedrooms. You can choose from two or three bedroom units with a loft, and two or three bathrooms.
Platinum Heights is comprised of 45sqm and 53sqm apartment units with two bedrooms and one bathroom. It is similar to the estate but excludes a private garden, however, ground floor units have a stoep and balcony.
Homes in both sections are fitted with burglar bars and protected with access control entrances, 24-hour security, electric fencing and armed response services.
Tenants also have access to a wealth of transport facilities and amenties including a public transport route in front of the development, a bus stop nearby, and it is just 15 minutes away from the Pretoria CBD and Centurion, and 5 minutes away from Wonderpark Mall and Akasia Hospital.
The future of Chantelle is one of continuous demand both in the rentals and buy-to-let markets. This will boost developer and investor confidence in the area, which will ultimately transform the residential landscape. To find more about the homes here, speak to our helpful agents today.
Author: CSi Property Group
