Properties near outdoor recreational facilities have a competitive edge
The property landscape in Johannesburg has completely changed since the turn of the century and, for the most part, it's now a continuous urban sprawl with very few open spaces or vacant land.
© Sudhir Misra – 123RF.com
This is according to Charlene Leibman, area specialist for Lew Geffen Sotheby’s International Realty in Senderwood, Bedford Park and St Andrews on the East Rand. “Because of this, we are increasingly finding that properties near outdoor recreational facilities tend to have a competitive edge in the marketplace over similar properties which don’t enjoy close proximity.”
Leibman says that an excellent example of the impact of this emergent trend was the redevelopment Huddle Park, which positively impacted the property market not only in Linksfield where the park is situated, but also in the adjacent suburbs of Senderwood, St Andrews, Bedford Park.
“The launch of Huddle Park Golf & Recreation in 2013 quite literally catapulted the area from its comfortable mid-market status to the top end of the market in line with northern Johannesburg suburbs like Hyde Park.
Surge in demand
“In the past three years, we have seen a surge in demand for residential property, with many original homes snapped up for between R3m and R6m, only to be torn down and replaced with modern houses, some of which are valued as high as between R25m and R30m.”
According to Leibman, many of the larger stands are also being subdivided for small and exclusive cluster developments.
“However, while these suburbs have transformed considerably over the last three years to include many high end homes, there are still many accessible properties in the area for those who want to get a foot in this quickly growing market.
“It’s still possible to buy apartment for just over R1m up to around R3m, with the greatest demand at the moment being for flats below R1.5m. In the freehold market, starter homes can still be found for R2.8m to R3.5m and mid-level homes range from R5m to R15m."
Sectional title units
Smaller townhouses and sectional title units in St Andrews and Bedford Park sell for between R1.5m and R5m, depending on size, age and condition with clusters fetching between R4m and R8m.
“In addition to the lifestyle benefits and increased return on property investment enjoyed by residents, the creation of well-maintained, parks bring measurable direct and flow-on economic benefits to local and regional economies," says Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty.
"They can also spur economic development in an area by attracting more home buyers, which in turn stimulates the retail and commercial component in the area."
