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
Characters remaining

    Latest Property News
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us