Buyers going smaller in Bedfordview
- 22 Oct 2008
Sectional title developments and gated communities are rapidly changing the Bedfordview propertyscape.
Historically one of the most affluent suburbs in the country, Bedfordview is known for its handsome freehold homes set on generous stands as well as its good schools.
But the area is also increasingly popular among younger buyers for its proximity to the airport, location at the centre of Gauteng’s freeway network and its quality shopping malls and entertainment venues, and its face is changing, says Neil Alexander, manager of the local Chas Everitt International franchise.
“Many of the traditional large stands are now being sold to developers for cluster and townhouse development, and demand for such builds is high. This is partly in response to crime because they are perceived as being more secure, but many younger buyers also prefer such properties because they are lower maintenance and less time-consuming.”
Sectional title properties in Bedfordview are consequently fetching relatively high prices. Apartments measuring 120sqm at the luxury Bedford Square development, for example, cost around R1,7m and there are others on the market at up to R3m.
Cluster homes, meanwhile, are fetching prices of up to R3m. Generally these have three to four bedrooms and are contained in small complexes of six to eight units.
By contrast, says Alexander, the values of the traditional freehold properties in the area are moving sideways, and those on sale have to be carefully priced to elicit any interest at all.
“Distressed selling is however not a major issue and the rental market is buoyant with typical rentals being between R8 000 and R15 000 a month for a three bedroom house.”