Yuppies snap up older apartments in Craighall, Craighall Park
Category Industry News
Craighall and Craighall Park have emerged as two of Johannesburg's most popular areas for aspiring young professionals to snap up a home.
According to Adrienne Hersch Properties area experts, Fiona Clucas and Marjo Felderhof, these buyers are aged between 28 and 38, and are highly qualified, well paid professionals such as doctors, lawyers, accountants and young entrepreneurs.
The latest Lightstone figures echo these sentiments with a whopping 58% recent buyers in Craighall aged between 18 and 35 in Craighall and 37% between the ages of 18 and 35 in Craighall Park.
Fiona says the Craighall and Craighall Park areas provide this demographic of buyers with the best of both worlds - good amenities, trendy entertainment options and excellent quality of life, within easy reach of major transport routes.
"A key attraction is their prominent location, close to the hubs of Illovo, Rosebank, Sandton and Melrose. Craighall and Craighall Park are also situated on the doorstep of Hyde Park as well as offer easy access to Bryanston, Randburg, Victory Park and Linden."
Marjo says these buyers are mainly seeking sectional-title units between R1.5 and R2.5 million. She says an interesting trend which has emerged is that these buyers are particularly interested in purchasing the older sectional-title properties.
"These buyers are after space and we're even seeing them paying a premium for these older units due to the high demand. The high ceilings, big bedrooms and large windows offered by these older apartments is something you just don't find in today's newer builds."
"Around 25% of the complexes in the Craighall and Craighall park areas are older and these yuppie buyers are coming in and completely redoing these units. The average spend on an alteration is between R300 000 and R350 000," she continues.
One-bedroom apartments generally sell for between R1.15 million and R1.5 million. Two-bedroom units fetch between R1.3 million and R2.5 million. Three-bedroom apartments are quite rare in the area and start at around R1.8 million and go up to R2.8 million.
Fiona says the demographic of buyers drawn to Craighall and Craighall Park, are also attracted to property in nearby Illovo, Athol and Killarney.
"Craighall and Craighall Park compare favourably with these suburbs in terms of demand and price range, however, a major advantage is that the levies in Craighall tend to be slightly lower than these other suburbs."
Another notable trend which has emerged is that this younger demographic of buyers tends to hold onto their properties as investments when they move out.
"We find that once people move into the Craighall and Craighall Park areas, they don't move out. Once this younger demographic of buyers wants to start putting down roots, they will move to a larger, freestanding home or cluster home in the area. Then, once their kids have grown up, they will scale down to a smaller townhouse or apartment in the area," comments Fiona.
Marjo says they're currently experiencing a particularly strong demand for garden units, which are much harder to come by. She adds that the only drawback about many of the complexes and apartment buildings in the area is that they're not pet friendly.
The pair say they expect demand for sectional-title property in the Craighall and Craighall Park areas to remain robust throughout 2019, especially due to unchanged interest rates and a cautiously optimistic outlook for the economy.
Author: Adrienne Hersch Media Team