New generation of buyers for Killarney

Killarney in Johannesburg is reinventing itself and, in the process, holding its own in the recessionary climate.

Aadil Moola, co-owner of the new Aida franchise in the suburb says Killarney has shaken off its rather staid image and is being reinvented as a trendy address for young buyers and students. Killarney borders affluent suburbs such as Houghton, Norwood and Parkhurst, and offers mostly high-rise sectional title apartments.

"The suburb is relatively close to the city's two universities and shopping and entertainment centres such as Killarney Mall, Melrose Arch and The Zone. Killarney also offers quick access to the highway and security is good - all these factors are combining to draw students," he says.

Young buyers are migrating to Killarney from other areas, notably the southern suburbs, where Moola and partner Azra Joosub have successfully run an Aida franchise for the past four years. "These buyers are upgrading and are using purchases in Killarney as a stepping stone to upmarket surrounding areas," he says.

Another plus is that most of the apartment blocks in Killarney were built in an era when proportions were generous. Moola says most units measure between 100sqm and 200sqm, which compares very favourably with modern units in other areas where a three-bedroom unit could measure as little as 90sqm. Prices range between R700 000 and R2,5m.

"The vibrancy of the local market and the growing demand for sectional title units have supported prices and we have seen little of the decline reported in other areas," Moola says.

"We have great confidence in the Killarney market and are optimistic that the overall property market will stabilise and improve as result of favourable interest rates and steady recovery of international markets."

Moola completed an engineering degree before studying property investment and practice at Wits. He has expertise in property investment, property law, property developments and property finance.

His partner Joosub holds a post-graduate degree in psychology as well as a higher diploma in human resources management. She joined the Jiga Property group, where she gained experience in property trading and commercial and residential property development, before teaming up with Moola to open the Aida office in Johannesburg's southern suburbs.

Issued by Aida National Franchises

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