RE/MAX Suburb Trend Report - Gardens

Area history

Although it is still richly entrenched in South African history as home to some of the country’s oldest museums and monuments, Gardens is a far cry from the fresh produce garden it once was in the 1650’s. While the renowned Government Avenue is still lined with the oak trees planted during the time of Simon van der Stel, today this inner-city suburb is also home to more contemporary attractions such as the five-star Mount Nelson Hotel.

Situated south the Cape Town’s bustling city centre, Gardens is seen as an affluent suburb and Cape Town’s creative hub. The area is home to a variety of production companies, film studios, modelling agencies and publishing houses and attracts many of the country’s young, up-and-coming professionals. Adrian Goslett, CEO of RE/MAX of Southern Africa says that Gardens definitely speaks to a generation of creative people who want to build their careers, while enjoying the perks of living within a vibrate metropolitan suburb. The area boasts an array of chic restaurants, boutique style shops, luxury hotels and New York flavoured loft apartments.

Area property information

Buyers in Gardens are predominately buying sectional title units, with these types of properties outselling freehold properties by three to one. This is largely due to the fact that the current market stock of property in Gardens is made up of 66.05% sectional title units, with 31.99% consisting of freehold properties and only 1.96% estates. The largest volume of sales is predominately seen in the R1 million to R1.5 million price bracket.

Pricing for an entry-level or bachelors units starts at R450 000, while a one-bedroom apartment is priced from R900 000 upwards, depending on factors such as location and views. Goslett says that entry-level freehold homes are selling from R2 million upwards, while mid-level homes are selling from approximately R4.5 million upwards.  Top-end homes in the area can achieve sales prices of R6.3 million and higher.

According to Lightstone, a property statistics and data provider, out of 5339 suburbs nationwide, Gardens was ranked at 122 in terms of the average valuation of a freehold property and was ranked 244 out of 2081 suburbs reviewed for the average valuation of a sectional title unit. The average valuation of a freehold property is R3 545 215, while the the average sectional title unit is valued at R1 282 307.

Property price trends

Demand for property

Since the beginning of 2011, general demand for properties in the area has increased, particularly those that are correctly priced. Goslett points out that correct pricing of a home is the number one catalyst for a speedy sale in the current market.

Due to the space constraints of inner-city living, one of the main factors affecting both pricing and demand for certain property is the parking bays available to the unit. In some instances an additional parking bay can cost the buyer as much as R100 000.

Property in Gardens has done specifically well in retaining good investment returns over the long term and will continue to do so in the future.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
    • 17 Apr 2018
      By the end of 2017, very few housing markets remained unaffected by the mounting pressure of the prevailing economy and political climate but some fared better than others, especially sought-after, well-situated suburbs like Parktown North that tick the top boxes on buyer’s wish lists.
    • 17 Apr 2018
      With urbanisation at its peak and population density in major cities reaching frustrating levels is it any wonder that more South Africans are choosing to move away from the chaos to a quieter life?
    • 16 Apr 2018
      When you are selling your home, you will have potential buyers coming to view it. During these times, you will need to ensure that each room of your home is clean and beautifully decorated.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us