Parow Valley sellers need to price their properties correctly
BELOW the N1 just south of Voortrekker Road lies Parow Valley – a suburb characterised by its long, straight streets, large properties, and multi-cultural residents.
Bisected by De La Rey Street, the two halves of the neighbourhood are Klipkop on the east and Parow Valley on the west.
Each of these areas offers a slightly different property profile, but they share a common atmosphere and community spirit, says Alvin Suklall, the Rawson Property Group’s local franchisee here.
“Parow Valley, as a whole, is an exceptionally central, convenient place to live. We’re only 8km from the airport and 20km from the CBD, and have a full range of public transport options all within walking distance of most of the neighbourhood.
“We have a local shopping centre, a Pick ‘ n Pay and a Builders’ Warehouse, Tygerberg and Melomed Hospitals for healthcare, Saffier Primary School, Northlink College, and Unisa, CPUT and UWC campuses. There’s really very little that you won’t find in Parow Valley.”
Property styles in the area vary from original fifties architecture to modern renovations, but the average home is a single storey, three-bedroom family-style house with one to two bathrooms and a garage, on around 496m of land.
One- and two- bedroom flats are also available. Homes on the Klipkop side of De La Rey Street are slightly smaller at slightly higher prices – a result of its general popularity and proximity to Tygerberg Hospital. The Parow Valley side, on the other hand, has larger properties at lower prices, but its homes aren’t always as modern or feature-rich as it’s eastern neighbour, says Suklali.
“The whole suburb is very affordable compared to nearby areas,” says Suklall, “In general most houses will fall within the R900 000 to R1.3 million range, with the occasional fixer-upper for R750 000 or so. Apartments, on the other hand, will cost between R450 000 and R550 000 for an average two bedroom unit.”
He says there is strong demand for property in Parow Valley, particularly among the 35 to 50- year- old age group. Qualified buyers, however, are less common, and Suklall urges sellers to price their homes realistically.
“Buyers at the moment are extremely choosey, and are offering what they believe the property is worth, regardless of the listing price,” says Suklall.
He says popular buyer requests are fitted kitchens, built-in cupboards, entertainment areas with built-in braais, well-tended gardens and spacious rooms.
Rental properties in Parow Valley are also popular, and sellers may be tempted to let their property instead of selling. Suklall, however, cautions prospective landlords not to expect a hassle-free experience.
“The tenant pool is there, but a lot of landlords are struggling with unreliable or dishonest occupants at the moment,” he says.
That doesn’t mean property in Parow Valley is a poor investment, however – Suklall expects an average capital appreciation of 8 to 10 percent a year.
“Prices are still rising, and smart property owners who do the right improvements without overcapitalising can realise good returns over the average ownership period of five to seven years,” he says.