Striking gold in an upmarket suburb
ALTHOUGH much of SA remains firmly locked in the property market slowdown, Houghton, home to many wealthy families, is well on the road to recovery.
Knowledge Factory’s SAPTG statistics reveal that 76 properties have been transferred in the area over the past 12 months.
This is a significant increase against 2010 figures that indicate only 29 properties were sold during that year.
This leafy upmarket suburb which features some of the country’s finest residential architecture was not always regarded as an area of choice. The suburb owes its existence to the discovery of gold. Originally owned and mined by the Houghton Estate and Gold Mining Company, the area was not regarded highly once gold reserves ran out and property was rezoned for residential purposes.
Nearby Parktown remained the preferred suburb for a number of years, to such an extent that although land sales started in 1896, by 1910 only 640 erven in Houghton Estate had been sold, albeit mostly influence.
The picture started to change in the 1930s when leading architects of the day began designing and building large houses in the area. In keeping with the strict building codes of the time, houses had to feature roofs of slate, tile or thatch — the use of corrugated iron, a predominant feature of many homes of that era, was prohibited.
The Houghton of today is renowned for its architecture, including a number of buildings built in the 1930s that reflect the modern architecture of the time inspired by the Swiss-born French architect Le Corbusier.
The area has expanded recently and now includes a number of cluster homes. SAPTG statistics show that 42 sectional title homes with a predominant price band of between R800 000 and R1m have been transferred during the past 12 months.
An indication of the demand is reflected in the sales experienced by the Ipanema apartment development, which sold 40 of its 68
of stylish sectional units months of the launch.
“Given the soft property market, this is a great reaction among the very target market we anticipated,” says Romey Sechiari, of Kent Gush Properties, which is selling the development on behalf of the developers, Barrow Properties and Vunani Properties.
She says that the proximity of the Rosebank Gautrain station and the development of a new Standard Bank corporate office in the area are among the drivers of this success.
The development is situated on a prime 4 625m² site adjacent to the corner of Oxford, 11th Avenue and 8th Street, Lower Houghton. Construction work is well under way and completion is scheduled for August next year.
“The buyer mix includes owner-occupiers and investors who anticipate good returns from tenants, and capital gains on resale.
“It appeals to young professionals and small families in particular. Good pricing, great lifestyle and affordability are all factors in its favour,” she says.
The focus now is on the ground floor garden units, she says.
“As for position, the greater Sandton/Rosebank property market is vibrant, spurred on by the redevelopment of the Rosebank and Sandton City shopping precincts and of course the Gautrain line connecting with OR Tambo and Tshwane,” says Sechiari.
Entry-level prices for the units start at R1,3m with a choice of designs varying from 60m² to 90m², while the rooftop penthouses with their built-in braais and terraces are priced up to R2,4m.
A typical, spacious, two-bedroom, open plan lock-up-and-go unit consists of an entrance area, eat-in kitchen, two well-appointed bathrooms and a lounge and patio overlooking landscaped grounds.
The purchase price includes one or two basement parking bays and a lock-up storage area. Pricing: From R1,3m Contact: Kent Gush Properties Romey Sechiari 082 457 4581 Office 011 465 5362