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.

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