select
|

PGP SEES STEADY IMPROVEMENT IN WELGEMOED SALES

After an extremely quiet 2010, sales in the upmarket Cape Town suburb of Welgemoed have begun to revive in 2011.  The suburb is one of the oldest and most exclusive in the Northern Suburbs, and lies on a hillside just off the N1 highway, about 20km from the central city.  Pam Golding Properties (PGP) reports that its Welgemoed agents concluded 21 sales over the six months from December 2010 to May 2011, to a total value of R76.3 million.  This is more than double the sales value concluded in the same period a year earlier, and nearly double the number of unit sales.  The top sales concluded by PGP during this period were R8.5 million for a home in Oude Westhof, and R8 million for a property in Van Riebeekshof.  PGP also reports an increase in showhouse attendance during this period, as well as a rise in the number of website enquiries for the area.

PGP’s area manager for the Northern Suburbs, Maureen Nel, says Welgemoed has always enjoyed perennial demand from buyers.  “Welgemoed is highly sought-after for its outstanding location, which offers spectacular views of the False Bay coastline, proximity to the Tygerberg Nature Reserve and the Bellville Golf Course, as well as the Durbanville wine route,” she says.  “There is an air of tranquillity and privacy, thanks to the large plots, with spacious homes set among established trees.  There are also a number of excellent schools in the area, which are a significant attraction for families.  There is a good a mix of older properties – some historic buildings in the suburb date back to the 1700’s – and modern homes, including a number of properties which have been extensively renovated or even completely rebuilt.  This means that there is something to suit virtually every taste.  Proximity to the N1 highway is another draw-card, as this lessens both the time and cost of commuting to work.  The result of all these factors is that buyers tend to put down roots and stay in the area for many years, resulting in a low turnover of homes.”

Security is also becoming an increasingly important pull-factor for Welgemoed.  “The relatively low crime levels here are a big draw-card,” says Annien Borg, PGP’s MD for the Boland and Overberg regions (incorporating the Northern Suburbs).  “There are not many upmarket suburbs where one still finds homes opening directly onto the street – yet in Welgemoed, high walls and electric fences remain the exception rather than the rule.  There are several very active Homeowners’ Associations in the area, which ensure that the local communities play an active role in keeping their streets safe and clean.  This not only contributes to security, but also creates an immense sense of pride of ownership, which is evident in the attractive, clean verges and public spaces.”

Welgemoed also has a number of secure estates such as Welgedacht and Kanonberg, which are proving increasingly popular, particularly with family buyers.  While homes in these estates tend to be priced at a premium, Nel says many buyers are prepared to pay extra for the added security features such as 24 hour guard patrols and access control.  “We are finding that some buyers are even prepared to scale down on the size of their home and the extent of their garden, in exchange for living within a secure perimeter,” she says.  “One currently pays around R4 million for a reasonably-sized family home in one of these estates.”

Outside of the secure estates, Nel reports that there is ongoing demand for larger family homes with at least four bedrooms and with fair-sized gardens suitable for children to play in.  “There is a shortage of stock to suit younger families looking in the R2 million to R2.5 million price range,” she says, “while those looking in the R3.5 million to R5 million bracket may also have to bide their time, as requests for homes in this price category currently far outweigh supply.”  Also in demand are starter homes priced below R2 million, townhouses priced below R1.8 million, and apartments selling for under R1 million.  These lower price ranges are mostly to be found in Welgemoed’s satellite areas such as the TygerValley Waterfront, De Bron, Loevenstein and Blomvlei.

Released on behalf of Pam Golding Properties by Philippa Hudson



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    • 21 Feb 2018
      These days most buyers are using online property portals like Private Property when house hunting due to the convenience, up to date information and variety on offer. “The property portals have revolutionised the way buyers shop, but they do need to be cautious – viewing photos online is no replacement for viewing the property in person,” says Bruce Swain, CEO of Leapfrog Property Group.
    • 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.
        
    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