Wood­stock strong on de­mand, short on sup­ply

Lo­ca­tion and views trig­ger healthy in­ter­est in sub­urb five-minute drive from CBD

Weekend Argus (Saturday Edition) - - PROPERTY -

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.

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