select
|

Green living at entry-level prices

While many buyers are looking to purchase environmentally-friendly property, with many of them willing to pay premium prices for homes that are built with energy saving elements, some developers have now brought green building to a more affordable price-range, says Glenn Norton, Broker/Owner of RE/MAX Masters, whose office services the North-Western Suburbs.  

He says an environmentally-friendly estate known as Saffron Gardens, which was developed by W.M.E. developers, is currently in its second phase of development with the first phase completely sold out. The launch date of phase two, which will consist of 120 units, is estimated to be in October 2012. Situated in Honey Park in Johannesburg’s suburb of Honeydew, the development offers buyers low-maintenance, two-bedroom, two-bathroom 69m2 sectional-title units. Buyers can expect to pay a starting price of R455 000 for an upstairs unit and R509 000 ground floor unit with a private-garden. The units feature energy-saving elements such as gas stoves, prepaid electricity meters and energy-saving hot water systems, all of which save on the running cost of the unit.

“Although the initial cost of green building is far greater, the long-term saving and sustainability is much higher, which is why the developers chose this route as opposed to the more conventional methods of building. While it is not yet legislation, it is likely that more and more developments will follow this trend as energy conservation continues to be a burning environmental concern,” says Norton.

Adrian Goslett, CEO of RE/MAX of Southern Africa says that more and more buyers countrywide have made green buying a priority. “Properties with green features are becoming more prominent as buyers want aspects in their homes that are not harmful to the environment and save on energy costs,” he says.



According to Norton, while the Honey Park area is currently largely undeveloped, it was identified as the ideal position for the development due to its proximity to Monash University, which is on the bus route to Monash. He says that there is also a wide range of sporting, shopping and medical facilities in the area and Honey Park is centrally located and is well serviced by bus and taxi transport.

“As the area grows and develops in the next five years, property prices are sure to follow suit. The estimated appreciation of the property will be around the 3.8% to 7% per annum mark, which means that a unit bought at R455 000 now, can be sold for approximately R778 000 in a period of 11 years,” says Norton. “The development is an excellent buying opportunity for young couples as well as investors who are looking to build a buy-to-let portfolio. We have currently sold 20 units to investors who can achieve rentals of R4800 per month for an upstairs unit and R5000 per month for a ground unit.  Eighty percent of the buyers who have bought in the first phase of the development received 100% bonds from their respective financial institutions, which is a remarkable figure considering the fact that most banks currently require deposits of 10% or more to secure finance.”

As a final word, Norton says that there is no better time than the current market for buyers to invest in property and an environmentally-friendly, low-maintenance unit is an excellent first choice.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
        
    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