Good­wood of­fers buy­ers good value with con­sis­tent growth po­ten­tial

Weekend Argus (Saturday Edition) - - PROPERTY -

WITH ITS cen­tral lo­ca­tion, ex­cel­lent ac­cess to pub­lic transport, and wide va­ri­ety of prop­er­ties on of­fer, Good­wood has been a favourite with mid­dle-in­come Capeto­ni­ans for many years.

Ac­cord­ing to the res­i­dent Raw­son Prop­erty Group es­tate agents, this con­sis­tent level of de­mand has cre­ated a par­tic­u­larly sta­ble lo­cal prop­erty mar­ket, which con­tin­ues to de­liver ex­cel­lent growth and in­vest­ment po­ten­tial to those in the know.

“Good­wood is quite spe­cial in that it’s not only ex­tremely con­ven- ient, it’s also di­verse in its prop­erty and pop­u­la­tion,” says Lee Ross, the Raw­son Prop­erty Group’s fran­chisee for the Good­wood area.

“We have apart­ment blocks, com­plexes, free­stand­ing homes so the area is a great op­tion for peo­ple in all stages of life. As a re­sult, we have diver­sity in age and cul­ture, with ev­ery­one from stu­dents to fam­i­lies all the way through to re­tired peo­ple find­ing some­thing to love about our area.”

Ac­cord­ing to Ross, the many re­li­gious in­sti­tu­tions in Good­wood have proved to be a big draw for res­i­dents, with a lot of fam­i­lies want­ing to live closer to their place of wor­ship in a com­mu­nity with other mem­bers of their con­gre­ga­tion.

“Good­wood has some very closeknit neigh­bour­hoods with fam­i­lies and friends all liv­ing nearby,” says Ross. “The larger prop­er­ties are also ideal for rais­ing chil­dren – they have plenty of space to run and play – and a lot of young cou­ples are see­ing the ben­e­fits of this kind of fam­ily-cen­tric life­style.”

While many of the homes are older in de­sign, there is a trend for pro­gres­sive ren­o­va­tions among the younger buy­ers in the area.

“The younger gen­er­a­tions are def­i­nitely tak­ing pride in their homes,” says Ross, “and they are slowly re­vamp­ing the old houses into at­trac­tive, modern prop­er­ties. Be­cause of this, Good­wood now has a huge va­ri­ety of house styles, al­though the orig­i­nal struc­tures of­ten date back from 30 to 70 years.

“Erf sizes tend to be around 495m to 600m2 plus and prices can be any­thing from R1.2 mil­lion to R2.6m for a free­stand­ing home, depend­ing on which part of Good­wood you’re look­ing in.”

Tygerdal, Good­wood Park and Townsend Es­tate are de­scribed as the most up­mar­ket neigh­bour­hoods in Good­wood, whereas the streets below Mil­ton Road have the most af­ford­able, well-sized homes.

Free­stand­ing prop­er­ties aren’t the only pop­u­lar op­tions, how­ever. Buy-to-let apartments in the Good­wood area are much sought-after, and are an ex­cel­lent way to build a rental port­fo­lio, says Ross.

“There is strong de­mand from ten­ants and rental re­turns are good, which makes it a very eco­nom­i­cally vi­able in­vest­ment. Cap­i­tal growth ex­pec­ta­tions are also very high, es­pe­cially for apartments.”

That’s not to say that cap­i­tal growth on other Good­wood prop­er­ties is poor. In fact, Ross says that many own­ers see as much as 10 per­cent to 15 per­cent growth a year. While this may de­cline as the mar­ket ad­justs to the in­creas­ing in­ter­est rates and in­fla­tion cur­rently af­fect­ing the coun­try, he does not be­lieve the lo­cal mar­ket trends are in dan­ger of chang­ing soon.

“Our prop­erty trends are very sta­ble, and we’re un­likely to see dra­matic changes in the near fu­ture,” he says. “We may slowly move from the cur­rent sellers’ mar­ket to a buy­ers’ mar­ket, with more prop­er­ties avail­able and fewer qual­i­fied buy­ers, but the cur­rent stock short­ages and strong de­mand in­di­cate that this could take a while to have any real ef­fect.

In the mean­time, our out­look is pos­i­tive.”

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