Woodstock strong on demand, short on supply
Location and views trigger healthy interest in suburb five-minute drive from CBD
WOODSTOCK, on the eastern fringes of the city, is experiencing strong demand from buyers wanting affordable homes in a convenient central location, according to Pam Golding Properties (PGP).
PGP reports the market is buoyant with a shortage of stock in the suburb and its neighbouring areas of Walmer Estate, University Estate and Salt River. Well-priced homes are selling quickly when they do come onto the market – sometimes within a few days of listing.
PGP agents Val James and Ninon Connaway say demand is coming from a broad range of buyers, from young single professionals to extended families, investors and retired people, as well as buyers looking for older homes suitable for extensive renovation.
“The strong demand and shortage of supply is resulting in upward pressure on prices, although price remains a key attracting feature for this area. The convenient location is another major drawcard, with easy access to the N1 and N2 and only a five-minute commute into the central city.
“This has been further enhanced by the recent opening of the new MyCiti bus route in the area. Buyers are also attracted by the sea and mountain views which many homes in the upper sections of these suburbs enjoy – similar to those in the City Bowl suburbs like Gardens and Vredehoek, but available at far lower prices.”
Woodstock’s residential offering includes a mix of apartments, free- standing houses and semi- detached properties, among them a number of Victorian homes. Plots are typically under 500m with small gardens, and buyers pay a premium for homes with views as well as off-street parking.
Entry- l evel pricing f or Woodstock starts at around R500 000 for apartments, or R900 000 for basic small homes without off- street parking. More substantial houses are priced from R1.4 million to R1.6m, with the top end for this area coming in at around R2.5m or more, depending on size, parking facilities, security features and location in the suburb.
Properties close to Roodebloem Road tend to command higher prices, due to its mix of restaurants, bars and coffee shops. James and Conway say the suburb tends to be dominated by buyers aged 25 to 35, many buying their first homes together as couples or young families.
Woodstock and adjacent Salt River have become increasingly trendy over the past few years, thanks in part to the o p e n i n g o f a n u mbe r o f lifestyle, design and “foodie” destinations, such as The Palms design centre and the Old Biscuit Mill with its popular weekend food market.
“A handful of new modern apartment buildings have also been built, among them Upper East Side in Salt River, which has an on-site gym, a pool and restaurants, excellent security and under- cover parking. There are very few apartments on the market in this building, and those that are listed tend to sell very quickly.”
J a mes a n d C o n n aw a y recently sold a two-bedroomed apartment here for R1.5m, within two days of listing. Smaller bachelor apartments in the building are priced from around R600 000, and buyers tend to be aged 20 to 30 – usually young professionals working in the city or in the many design and advertising agencies that have opened in the greater Woodstock area.
Above Woodstock, on the lower slopes of Table Mountain, Walmer Estate and University Estate tend to attract more mature buyers, typically aged 30 and older. Their convenient location between the N2 and De Waal Drive means that families can easily access schools in the city bowl and southern suburbs as well as the University of Cape Town. They also offer exceptional views from many properties.
James and Connaway say Walmer Estate has many longterm residents, some of whom have grown up in the area and moved away as young adults, returning once they start to raise their own families. Many homes have been extensively upgraded and extended to maximise the views, and the suburb includes several sizable homes, ideal for extended families or for owners who want to rent out portions of their properties. Prices range from around R1m up to R4m, depending on size and views. PGP recently sold a seven-bedroomed home in the area for R2.8m.
“University Estate property prices are slightly higher – many homes have superb views of Table Bay, and virtually every home in the suburb enjoys mountain views. There are still a number of older homes in this area which have enormous potential for extension and renovation, but stock is short and sells very quickly if correctly priced. Most properties are priced at more than R2m, with average prices for the area standing at around R3m, and top- end homes attracting close to R5m. PGP sold a three-bedroomed home in this suburb for R2.6m in June,” says the agents.
ATTRACTIVE: Many Woodstock buyers are attracted by the lovely sea and mountain views that homes in the upper sections of the City Bowl enjoy.