select
|

Melville residential property market making a comeback

The Melville residential property market has enjoyed a sharp upswing this year with prices spiking after six years of slow recovery.


This Ideally positioned north-facing home offers three sunny bedrooms (mes), a spacious lounge and separate TV room and study. Also boasting a sparkling pool, staff accommodation and off-street parking it is on the market for R2 150 000.
 
In 2008 the average sale price of single title homes in this colourful suburb was R1.367 million at R2 404 per m² and, although prices remained fairly constant throughout the post credit crunch slump, by 2014 the average cost of a house had only grown to R1.403m.
 
However, records at the Deeds Office show a very different picture for 2015 and the average house price so far this year has increased sharply to R1.831m at R3 467 per m².
 
Willem Prinsloo, Area Specialist for Lew Geffen Sotheby’s International Realty says: “Now would be the time to buy in Melville as entry level prices are nudging the lower to mid- R1m mark for a property that will most likely need considerable renovation.
 
“Melville’s property market has always been relatively active, and at the moment we are finding that the most popular properties are the refurbished character homes in the R1.8m to R2.5m price band which are being snapped up.”
 
Prinsloo adds: “At the top end of the market, around R3.5m can buy a magnificently renovated home with great features and very often some good views.
 
“Those investing in the mid to –upper market segment generally buy to live in the area,” says Prinsloo, “but there is a strong rental market for entry to mid-level properties because of Melville’s central location and proximity to the city as well as several prominent commercial hubs.”
 
According to Cornel Ridgard, Co-Area Specialist for Lew Geffen Sotheby’s International Realty, the most sought after area is up on the ridge, particularly 5th and 6th Avenues which boast spectacular views to the north.
 
“On a sunny day one can see the Magaliesburg Mountains from the ridge and many homes here have been renovated accordingly, with wooden decks and generous entertainment to capitalise on the magnificent views.”
 
Unlike most of its neighbours, Melville has not given way to a proliferation of cluster homes and secure estates, and the bohemian enclave nestled between affluent Parktown and Westcliff and the colourful and historical suburb Sophiatown is still primarily made up of single title homes as well as the traditional semi-detached properties.
 
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says: “What was once an old-fashioned suburb is now very cosmopolitan with a café society feel and village atmosphere and it’s considered by many as one of the foremost cultural hubs of Johannesburg.
 
“This has resulted in a colourful and eclectic demographic. Melville is very popular with the arty set and academics as well creative young professionals. And with two universities within walking distance, the suburb is always alive with young people.
 
“Commercially, Melville has also retained its character and rather than modern malls its streets are lined with quirky shops, cafes, restaurants and clubs, interspersed with a cultural mix of art and antique dealers, clothing and craft shops.” says Geffen.
 
Melville’s one concession to mall culture is its unique container shopping centre, 27Boxes which is South Africa’s first retail centre made from shipping containers and provides retail space for young artists and entrepreneurs at an affordable rental.
 
Steeped in history, the suburb lies at the foot of Melville Koppies, a nature reserve and Johannesburg City Heritage Site which is home to an archaeological site dated to both the Iron and Stone Ages. It is also the last conserved remnant of Johannesburg’s ridges as they were before the discovery of gold in 1886, and its geology is 3 billion years old.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK