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The hunt for value

As the housing market comes under renewed pressure along with the rest of the economy, home buyers need to become far more discerning in their suburb selection. It’s all about capital preservation and picking an area, or even a street, where property prices have the potential to outpace inflation. Buying a house ain’t what it used to be. Ask Clare Wiese, the 33-year-old daughter of SA’s richest man, Shoprite chairman Christo Wiese. A few weeks ago she picked up a mansion on Clifton’s famous Nettleton Road at an auction, for what she considers a steal: a knock-down price of R90m, from an original asking price of R150m. Wiese, the founder of jewellery brand Paka Paka, told the Financial Mail she’d had her eye on the house for a while but thought R150m was too hefty a price tag. "We felt it was too high a price, given the fact that for that kind of money one really wants to design one’s own dream home rather than move in to a house designed by someone else," she said. "However, when it...

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