Parkhurst Johannesburg’s leading lifestyle suburb
Category Industry News
Parkhurst’s vibrant community and cosmopolitan-feel has made it one of Johannesburg’s leading lifestyle suburbs and has become a drawcard for those wanting a secure, conveniently located, smaller property.
Developed in 1904 and known as Antique Alley in the 70’s, Parkhurst has since become the home of eclectic, glamorous shopping, cutting edge galleries, fabulous furnishings and interior design stores, and the cultural hub of street side Café dining. Renowned 4th Avenue is a bubbling meeting place for professionals, trendsetters and hipsters, both after work and on weekends.
“The iconic suburb of Parkhurst is one of the city’s most liveable suburbs. It is totally adored by interesting people of all cultures, ages and professions, is conveniently situated in relation to Rosebank, Hyde Park and Sandton CBDs and offers an upmarket, safe lifestyle and recreational experience,” according to Clive Chetty and Berenice Egan, Adrienne Hersch Properties Area Specialists.
“It is rare to find a suburb with a village atmosphere and high street in Johannesburg. Furthermore, buyers are drawn to the area’s close-knit community, tree-lined streets, array of trendy restaurants and boutiques, excellent individual and community security, and proximity to key amenities,” they continue.
A report released by research group New World Wealth (NWW) at the end of 2017, listed the top 7 fastest growing areas for wealth in South Africa, and Parkhurst ranked as number three, behind Sea Point/Three Anchor Bay and Illovo.
Clive says demand in the area has stayed consistent over the past 10 years because the area offers such strong investment value. He adds that while the area used to be one of the most expensive rand per square metre areas in the country, prices in the area have become far more realistic in recent years.
“Parkhurst appeals to everyone across the board. Demand remains stable with a minimum of 10 – 12 houses selling per month. Property values weathered the volatile local and global economic tides far better than many surrounding suburbs, particularly during 2017 which was a challenging year for the local property sector.”
He says 2-bedroom homes in the area range from R1.8 million to R2.8 million while 3-bedroom homes can fetch anywhere from R2 million to R 4 million. 4-bedroom homes, which are rare in the area can sell for anywhere between R4 million to R6 million.
Clive says there is a high demand in the area for cottages.
“Homes with cottages fetch slightly higher prices, between R200 to R400k extra. They offer great income-bearing potential and are ideal for teenagers or as domestic accommodation.”
At the same time, Berenice says the bulk of buyers in the area are upwardly mobile professionals between the ages of 25 and 45.
“According to figures from Lightstone, 40% of recent buyers in the area are aged between 18 and 35 while 44% are aged between 36 and 49.”
Berenice says while Parkhurst is one of the few suburbs in Johannesburg which offers minimal section title and cluster complexes lifestyles, the area probably could be considered a close option to estate living.
“Parkhurst homes offer a cluster feel without estate rules, regulations and expense complications. Stands generally measure 495sqm and are closely spaced. Smaller properties offer less maintenance and adds to the growing lock-up-and-go appeal. There is a strong community feel and significant emphasis on safety and security assisted by area dedicated security companies, community driven communication and WhatsApp groups, fibre connectivity available across the area and Egoli Gas supplied to most streets.”
She adds that many buyers are attracted to the original features of the characteristically older homes such as the pressed ceilings and Oregon floors.
Clive says Parkhurst central location is a major drawcard for buyers.
“Everything is within a 10km radius. Prime area schools are within easy driving distance as are places of worship, Rosebank and Cresta Shopping Centres, major transport routes, Pirates sports club and facilities and Virgin Active Rosebank and Victory Park. The local Fish n Chip corner Café, the very famous Jolly Roger, and Verity Park Recreational Centre can all be found in walking distance of 4th Avenue. Another big attraction is the area’s burgeoning business node. Many boutique businesses are moving out of the CBDs and into areas such as Parkhurst and Melville.
He says with a healthier outlook for the local real estate sector for 2018 and 2019, Parkhurst will continue to garner a lot of interest.
“The area’s amenities and lifestyle offer a successful mix to buyers and investors alike. We anticipate that Parkhurst will continue to cement its reputation as one of Johannesburg’s most popular and in-demand suburbs,” he concludes.
Author: Adrienne Hersch Media Team