Sub­urb’s sales record steady growth

Weekend Argus (Saturday Edition) - - PROPERTY -

THREE-YEAR sales records show steady growth at Pine­hurst.

While the South African res­i­den­tial sales mar­ket be­gins to stir but still stays largely in the dol­drums, an eight-year-old mid­dle-in­come Cape Town sub­urb is among the few t h a t h ave s h own a c t u a l c a p i t a l growth over the past year, and sales records show an av­er­age price rise of over 20 per­cent an­nu­ally over the past three years.

Pine­hurst, one of the 15 sub­urbs de­vel­oped over the past 90 years by Gar­den Cities, has been named in a na­tional sur­vey con­ducted by prop­erty re­search group Light­stone.

The sub­urb, on the bor­der of Dur­banville, pro­vides sin­gle res­i­den­tial and clus­ter hous­ing at prices from un­der R1 mil­lion to R1.8m.

It has shown sim­i­lar cap­i­tal g rowth t o Steen­berg Golf Es­tate (21.5 per­cent), where homes cost more than R10m, and out­ranks Con­stan­tia which, ac­cord­ing to the surve y, h a s e x p e r i e n c e d g r owt h o f 12.5 per­cent over the same pe­riod.

“Al­though we don’ t re­sell t he houses we de­velop, we keep a close eye on the re­sale val­ues be­ing achieved by buy­ers who orig­i­nally bought our homes new, so we are aware that Pine­hurst is per­form­ing par­tic­u­larly well,” said John Matthews, chief ex­ec­u­tive of Gar­den Cities.

He cited high-qual­ity build­ing and ma­te­ri­als, and metic­u­lous at­ten­tion to in­fras­truc­tural el­e­ments such as land­scaped pub­lic space and town plan­ning as el­e­ments in the value pack­age.

“We do al­most no mar­ket­ing of our houses as we nor­mally have to deal with buyer wait­ing lists, and I think the value has been com­mu­ni­cated through ex­ist­ing so­cial and busi­ness net­works. The sec­ond-hand mar­ket is lively be­cause the high de­mand means new houses are not al­ways im­me­di­ately avail­able.

“Buy­ers are also at­tracted to the es­tab­lished ar­eas where there are ma­ture road­side and pub­lic-space land­scap­ing, full-grown trees and pri­vate gar­dens, as well as very set- tled and se­cure neigh­bour­hoods.”

Al­though most of the houses are smaller, at the top end Pine­hurst of­fers a new 210m2 house with a dou­ble garage for R1.8m on a 600m2 plot.

So far, nearly 1 000 new houses have been sold at Pine­hurst, where Gar­den Cities will even­tu­ally build a to­tal of 4 000.

Cur­rently 400 more sites have been ser­viced for new de­vel­op­ment.

Gar­den Cities has built more than 16 000 houses in the 90 years of its ex­is­tence, and each of the sub- urbs it has es­tab­lished has been a suc­cess­ful res­i­den­tial en­vi­ron­ment, as well as a good prop­erty in­vest­ment. Pinelands, its first de­vel­op­ment, has shown spec­tac­u­lar growth in value and is in high de­mand for its prox­im­ity to the city.

In par­al­lel with Pine­hurst, the com­pany is also de­vel­op­ing the west coast sub­urb of Sun­ning­dale, now 11 years old, where the in­fra­struc­ture i ncludes a ma­jor hospi­tal, a f ull re­tail com­po­nent, school sites, sports fa­cil­i­ties and re­tire­ment homes.

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