Suburb’s sales record steady growth
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.