Big bucks back in Bedfordview

The luxury sector of the property market in Bedfordview has come alive again after almost four years in the doldrums.
“There have been more than 20 sales in this sector in the past three months,” says Chas Everitt International area specialist Luz Dias, “and the number of enquiries for homes in the R5m to R6m price range has more than doubled since this time last year.”

This superbly located, four-bedroom mansion in a boomed-off enclave of Bedfordview is on sale through Chas Everitt International for R5,5m.

A large percentage of the current high-end buyers, she says are long-time residents of Bedfordview who are taking the opportunity to upgrade while interest rates are still low and before increased demand starts to drive up prices. “We are seeing a lot of middle-aged buyers looking to upgrade from houses at around the R3m mark to R5m properties, while older residents who are ready to downscale are focusing on luxury clusters in boomed off areas.”
However, the area is also attracting the attention of wealthy buyers from other parts of Gauteng, and from other countries in Africa, especially Angola, Mozambique and Zimbawe.
These buyers, says Dias, are especially attracted by Bedfordview’s central location, proximity to the OR Tambo International airport and good value for money compared with other high-end suburbs in Gauteng. “For example, werecently sold a luxury home with two separate cottages on a stand of 2500sqm for just R5,3m.”
Other draw cards, she notes, are the excellent schools in or very close to Bedfordview, a private university campusand a range ofsporting, shopping and entertainment facilities “right on the doorstep” for residents. The schools include St Andrew’s Girls; Bedford Primary; Bedfordview High; St Benedict’s Boys; Holy Rosary Convent; Jeppe Boys High; King David; Leeuwenhof Afrikaans Private School, Reddam House and the Saheti Greek Shool.
The shopping and entertainment venues include the giant Eastgate mall and the Bedford Centre and Bedford Square complex, which was extensively revamped and extended a few years ago and now houses many high-end retail outlets, cinemas, and restaurants awe well as 420 upmarket apartments and penthouses.
And these units, as well as the homes being sold by upgrade buyers, says Dias, are attracting a younger contingent of buyers that will ensure the rejuvenation of the area and continuity in the local property market.Indeed, while just 10% of current property owners in the suburb are under-35, statistics compiled by property data companyLightstone show that almost 30% of recent buyers have been in this age group.

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