Buying in the first phase of a development gives best returns

With demand for property exceeding the current supply in the northern suburbs of Johannesburg, the first phase of the recently launched development in Northriding, Northgate Heights, has almost completely sold out. This is according to Robbie Kreser, Broker/Owner of RE/MAX Executive Group who is marketing the development.

Ground has just been broken at the Northgate Heights site on Montrose Avenue, and Kreser points out that the development’s ideal positioning and the fact that it offers good value-for-money properties has contributed to its success.

“The development has been extremely well received, which is largely due to the need for well-priced and well-placed properties that are close to sought-after amenities. Northgate Heights is among a hub of facilities including Northgate Shopping Mall, Virgin Active gym, Olivedale Clinic, the Coca Cola Dome and a number of good schools. Very few areas, or developments for that matter, provide access to so many amenities, while still remaining reasonably priced for the first-time buyer market,” says Kreser.

He notes that in addition to great location, Northgate Heights provides buyers with the opportunity to take advantage of the first phase launch prices. “Buying within the initial stages of a development is always advantageous for buyers who want to achieve the best returns on their investments,” says Kreser. “Homes within subsequent phases in most developments will generally cost more than homes in the first phase, meaning that buying early on provides buyers with an attractive opportunity to maximise their investment right from the start.”

Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa says that one advantage of buying a brand new unit within a development is that while the buyer is still liable for conveyancing costs, they do not have to make provision for transfer fees over and above the purchase price, which banks do not finance. In a transaction involving a property in the development stage, the developer will charge VAT on the transaction instead of the buyer paying transfer duty.

Kreser says that while the first phase of the development has nearly been sold out there are still some units within Northgate Heights available. He notes that apartments range from one-bedroom; one-bathroom designs to three-bedroom; two-bathroom configurations, ranging in size from 62m2 to around 96m2, depending on the arrangement. He adds that pricing for the one-bedroom, one-bathroom units starts at around R699 000, while two-bedroom, two-bathroom units are priced from R995 000, three-bedroom; two-bathroom units are priced from R1.295 million while the exclusive loft apartments are priced from R1.17 million.

Once complete, the development will feature an onsite restaurant, a micro-brewery, a clubhouse with recreational room, a picnic area and a gym.  The entire development will also be Wi-Fi enabled.

“The first phase of Northgate Heights will provide the ideal opportunity for buyers to enjoy a modern home that is well-positioned, at the best possible price,” Kreser concludes.

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