Good Time to get into one of SA’s Fastest Growing Wealth Suburbs

A report released by research group New World Wealth (NWW) at the end of 2017, listed the top 7 fastest growing areas for wealth in South Africa, and Parkhurst in Johannesburg ranked as number three, behind Sea Point/Three Anchor Bay and Illovo. NWW determines the exclusivity of a suburb/area by pricing property per square meter, and by the number of R20 million homes in the area; and Parkhurst’s R12,000 per square meter property pricing clinched its name as one of the fastest growing wealth areas.

Shelley-Ann Solms from Jawitz Properties says this ranking isn’t unexpected but that the window to purchase an affordable property in the area is slowly closing. “It’s great that Parkhurst has achieved this ranking as it boosts the suburb’s standing and popularity and various aspects from upgraded public spaces to family-friendly lifestyle factors are driving demand. And with an improved economic outlook on the horizon, I would advise people who have considered Parkhurst as an area in which to live, to get in now, before prices start increasing,” says Solms.

Over the last few years, Parkhurst’s properties have become more affordable with the majority of homes selling for between R2.8m to R3.1m and up to R5m on the high side. The centrally-located area is attracting professional families who are buying renovated freehold homes in an area that is surrounded by good schools and has upgraded, safe and usable public spaces. The number of ‘golden-oldie’ properties that need to be modernised are limited but figures show that renovated properties are in high demand.

Parkhurst’s central location benefits commuters but also makes it a popular AirBnB rental area as it has easy access from the Gautrain stations and most homes are within walking distance of the famous and trendy 4th Avenue with its numerous boutiques, restaurants, café culture and one-of-a-kind retail establishments.

Changing lifestyle trends dictate

“We are finding that changing lifestyle trends make Parkhurst ideal for buyers. Firstly, they’re looking for smaller properties with manageable gardens, and with Parkhurst’s average single stand measuring 495m2, these appeal to buyers wanting less maintenance and maintenance-related costs. Secondly, buyers are more interested in the community’s recreational amenities, such as parks, pools and playgrounds. Aside from the local library and recreation centre, Parkhurst’s Verity Park and the local Parkhurst Swimming Pool fulfil these requirements,” explains Solms.

The proactive Residents Association continues to add value for exploring new technologies and green initiatives. As one of the first suburbs to introduce Vumatel fibre, the Residents Association’s ‘Green Team’ is aiming to get Parkhurst off the Eskom grid by 2020. In addition, the Owl Project initiative, SafeParks and security are all projects that have on-going support and focus.

Sales on the Rise

According to Solms, “This dynamic neighbourhood with its village feel is attracting more families with a higher LSM into the area. There is a higher level of sales activity in Parkhurst as it’s always been a sought-after suburb but while it’s still a buyer’s market, and before the more positive economic outlook starts impacting on the property market, I would encourage those buyers who also wanted to live in Parkhurst, to grab this opportunity– now is the time to buy before the curve heads upwards,” adds Solms.

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