Demand solid in leafy Pinelands

News > news - 30 Oct 2007

Pinelands, a leafy suburb near Cape Town's CBD, continues to attract a wide range of buyers thanks to its central position and good property value.

"The suburb, founded in 1922, was well planned with many open spaces and it retains its park-like atmosphere," says area specialist Peter Lovell of leading local estate agency Homenet Maynard Burgoyne.

"And it's central position - only 10 minutes away from the city centre and from the southern and northern suburbs - makes it a firm favourite among buyers who work in these areas."

Colleague Lorna Francks notes that Pinelands also offers excellent infrastructure such as schools, churches, sporting facilities, a shopping centre and a hospital, as well as retirement villages and centres for the elderly. "In short, it is an established area eminently suitable for family living."

Property values in the area have almost trebled over the past six years but growth has slowed to just under 12% in the past year. Lovell says prices range from about R1, 25m for a home in need of some renovation to about R4m.

"But most standard three-bedroom homes are sold at around R1,6m with very little activity in the higher ranges. In the past year only one property was sold for more than R3m and only 17 for more than R2m."

Pinelands offers a variety of architectural styles, ranging from modern town houses through contemporary and character cottages to large thatched homes - and the original thatched homes are in high demand because fire regulations prohibit the building of new homes with this type of roof.

Lovell says Pinelands offers solid value and he sees further potential for growth.

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