Dear Property Owners of Moreleta Park, Pretoria
As we embark on a new year, Moreleta Park's property market unveils a canvas of opportunities and challenges, echoing the spirit of new dreams and fresh beginnings.
On 25 January 2024, the SARB's decision to keep the repo rate unchanged and provide stability, albeit at its highest point in 14 years. We anticipate the repo rate to remain steady, with an optimistic outlook for a potential decrease later in the year. This holds the promise of increased accessibility to home loan financing and heightened buyer confidence. This repo rate stability, coupled with a consumer inflation rate of 5.5%, paints a picture of resilience in the property market, signaling positivity amidst economic fluctuations.
The property market in Moreleta Park faces challenges from past interest rate hikes and the rising cost of living, impacting buyer demand. As we step into 2024, cost-consciousness is expected to persist. While positive signs include a pause in interest rate hikes, challenges loom with high-interest rates influencing buyer qualifications and emphasizing the need for strategic pricing by sellers.
The upcoming elections introduce an element of uncertainty. However, we hold hope that the 2024 election will bring about political and economic certainty, creating an environment conducive to growth.
Despite these uncertainties, Moreleta Park stands tall as a desirable locale, offering a sense of continuity, community and security.
In Moreleta Park, a substantial 48% of residents have anchored themselves in the community for over 11 years, fostering a sense of enduring connection. The neighborhood boasts an extensive 8612 properties, providing diverse housing options, with 33% being freehold and 67% sectional title residences.
The average sales price for freehold properties in 2023 has risen to an impressive R2.6 million, showcasing an 8.4% increase from 2022. Despite this upward trend in property value, freehold property sales have experienced a decrease. On the other hand, sectional title properties have maintained their appeal, with an average sales price of R1.3 million in 2023, reflecting a modest 5.6% increase compared to 2022, even though sales have decreased.
If you're contemplating property decisions in Moreleta Park , whether selling, buying, or investing, our team is here to provide the expertise and insights needed for informed choices. Reach out to us anytime for personalized advice, market evaluations, or real estate-related queries. Thank you for entrusting us as your local real estate resource. Your journey in Moreleta Park, shaped by new dreams and aspirations, is our priority.
Feel free to reach out to us at any time for personalized advice, a market evaluation of your property, or any real estate-related queries.
Monday to Friday 7:30am-4:30pm
