Gauteng buyers see value in Weltevreden Park property
Category Industry News
Gauteng home seekers are snapping up homes in Weltevreden Park in a bid to unlock value they are struggling to find in surrounding areas.
Adrienne Hersch Properties Olivedale branch manager Sandra McKenzie says the well-established area offers excellent value for money to buyers across a range of budgets, from first-time buyers, to established families, executives and empty nesters.
Sandra says the area's location and vicinity to top amenities plays a key role in the current demand.
"Weltevreden Park offers excellent value in comparison to surrounding areas of Northcliff, Constantia Kloof and Randpark Ridge where the median price is significantly higher."
Majority of buyers in the area are first-time buyers with 47% of recent buyers aged between 18 and 35 according to recent statistics from Lightstone.
Sandra says the area is also extremely popular with middle class families who take advantage of the area's suburban feel, good schools and established amenities.
When buying a sectional-title property, one can expect to pay an average of between early R500 000 to R700 000 for entry-level homes. Sectional-title units with garaging and private gardens with a size of about 140 sqm, range from anywhere between R 800 000 and R 1, 4 million.
Sandra says the prices of full-title homes have been growing steadily over the past few years. An entry-level house will cost between R 1,3 and R1.4 million. More upmarket full-title homes will cost between R1.7 million and R2.2 million.
She says she's finding that a number of buyers in the area don't want the maintenance and costs associated with owning a larger, freestanding home, with many opting to downscale into smaller sectional-title units in well-maintained complexes.
Another interesting trend she's found in the area is families buying into full-title homes with cottages or second dwellings in order to create additional income.
Sandra says she anticipates the area to perform very well in 2019 despite the constrained economic environment due to the excellent value on offer.
Author: Adrienne Hersch Media Team