Village atmosphere in Johannesburg
ASTRONG focus on safety and security is paying off for homeowners in the plush Johannesburg suburb of Parkview, where property prices have exhibited extraordinary resilience over the past few years.
The recession in 2009 saw prices plummet in many upmarket suburbs as the oversupply of properties for sale grew, but in Parkview, according to Lew Geffen Sotheby’s International Realty area specialists Theodora and David Brickhill, the demand hardly wavered and prices were underpinned by the usual shortage of supply, thanks to the area’s reputation as a safe enclave offering a peaceful, unstressed lifestyle.
Lightstone area data reveals that 42% of owners in the area have lived there for more than 11 years. The data also indicates that 62,96% of recent buyers are aged between 36 and 49 years.
Most of the original homes in Parkview are more than 60 years old and are set on stands of around 1 000m², although there are a few with larger grounds of 2 000m² and even 4 000m². Prices range from R1,9m for an “untouched oldie” to about R5,6m for a renovated and modernised home.
There has also been some new residential development along Lower Park Drive overlooking Zoo Lake and on Parkview’s renowned golf course, and the area is thus also able to offer modern lofts, clusters and estate homes at prices from around R2,5m up to about R6,5m.
However, the Brickhills note that there are generally very few homes available to purchase in Parkview as those who do acquire a home there tend not to leave very easily. “One reason for this lack of turnover is Parkview’s very central location in the heart of Johannesburg and its proximity to many sought-after schools such as Parkview Junior and Senior Pri- mary, Jan Celliers, Japari, The Ridge, St Katharine’s, Auckland Park Prep, Parktown Girls’ High, Roedean, Kingsmead, King Edwards, St John’s and the German School.
“This has induced many owners to spend large sums on the renovation of Parkview properties to make them “forever homes” that are beloved family residences so that their children can attend these schools.”
But another very important reason for residents to stay put is that they feel safe in Parkview. “The suburb has a distinctly village atmosphere with residents being able to walk their dogs after work, take their children to the park or enjoy meeting with friends at the local shopping centre. This is largely due to the efforts of active Parkview Residents’ Association in conjunction with the SAPS and the PRA’s Safe Parkview proactive security initiative, and the willingness of most local homeowners to contribute and co-operate in keeping the area as crime-free as possible. Their participation certainly pays off in terms of keeping up the value of their assets.”
Knowledge Factory’s SAPTG statistics indicate that despite current depressed market conditions that are generally being experienced the country over, Parkview has seen an impressive capital growth on full-title property, way above the national average. The one-year appreciation trend stands at an impressive 15,09%, while the three-year trend reflects a growth of 9,08% with the fiveyear appreciation at 9,93%.
Knowledge Factory’s SAPT also shows that the average price of a full-title home in the area for the 2010/11 period is R2,982m. Contact: Lew Geffen Sotheby’s International Realty David and Theodora Brickhill 011 788 7048