The Parks lifestyle a major drawcard for buyers

The charming and old established homes of Parktown North, Parkwood, Parkview and Parkhurst, also known as ‘The Parks’ continue to enjoy demand from buyers looking for a secure lifestyle in a convenient location.

According to Pam Golding Properties area specialists, these suburbs are conveniently located close to Rosebank, Sandton and the Johannesburg CBD, and they have a strong sense of community and village type feel.

Say the agents: “Buyers into The Parks are attracted by the lifestylle and value for money these suburbs have to offer. “They are very family-oriented and include a number of amenities, with well positioned parks, good schools, excellent security and attractive tree-lined streets. Residents can choose from an array of trendy restaurants right on their doorstep.”

The Parkview Golf Course, the Goodman Galley for art lovers, the Johannesburg Zoo and Zoo Lake are a few of the popular attractions in the areas. Some of the top schools in the area include King David Primary and High School, Hyde Park High School, Parkhurst Primary School, Rosebank Primary School, Parktown Girls High, Parkview Senior School, Parkview Junior School and Jan Celliers Laerskool en Pre-Primêr.

Parkhurst

According to Alex Dicks, Pam Golding Properties area specialist for Parkhurst, the suburb attracts a number of young professionals and their families. He points out that 4th Avenue is the heartbeat of the suburb with a number of trendy restaurants, and boutique and furniture stores to choose from. The recently revamped 5th Avenue Park enables residents to walk, cycle or jog along the Delta, a green hub, as well as the popular Verity Park where owners can freely walk their dogs.

He notes that Parkhurst was the first suburb in South Africa to install a fibre network to supply super-fast internet to every home thereby ensuring a connected community. Parkhurst consists entirely of freehold homes with just three freehold units located within an estate, is a thriving residential and commercial hub with great security, so residents feel safe when strolling to the shops or restaurants or taking their dogs for walks.

“Parkhurst is the third most expensive suburb in South Africa and first in Gauteng per square metre. “The average price of a home in Parkhurst is R3.3 million with stands measuring 495sqm, bringing the cost per square metre to R6.667,” says Dicks.

Lightstone data shows that in 2017, the median price of freehold home in Parkhurst was R3.25 million.

It is still possible to get a three bedroom and two bathroom house with a double garage and staff quarters for R2.75 million. However, he says when these kinds of properties come onto the market, they sell quickly as they offer good value for money in one of Johannesburg’s sought after suburbs, he says.

Parktown North, Parkwood and Parkview

In Parktown North, Parkwood and Parkview, Pam Golding Properties area specialists Byron Thomas and Jonathan Tannous say in these three suburbs, buyers include locals, a few international buyers as well as a number of homeowners who are returning to Johannesburg for various reasons, some in part due to the water restrictions in Cape Town.

“This move back to Johannesburg is a huge boost to The Parks as buyers are finding that properties are more affordable compared to Cape Town as well as other comparable suburbs in Johannesburg. “So they are getting value for money – with the added lifestyle that comes with buying into these suburbs,” say Thomas and Tannous.

They note that in all three suburbs, the entry level price of a three bedroom, two bedroom standalone and slightly older home which needs refurbishing is R3 million. For approximately R6 million, it is possible to acquire a modern three to four bedroom home in all three suburbs.

Data from Lightstone shows that in 2017, the median price of residential property in Parkview was R4.2 million and in Parktown North was R4.275 million.

The agents say that properties that are priced right always sell, pointing out that during this year (2018) to date, the average price of homes in these suburbs is mainly in the region of R4.5 million. However, in Parkview, prices achieved can range up to R7 million and as high as R35 million at the very top end of the market. In 2017 upmarket homes sold in Parkwood fetched prices of R9.5 million and up to R25 million.

Over the past 12 months and according to Lightstone data, property buyers in Parkview tended to be slightly older than in Parktown North and Parkwood. During this period, Parkwood saw the largest percentage of young adult buyers (18-35 years) – suggesting this suburb is particularly appealing to first-time buyers and the career-minded. Parkview and Parktown North attracted the largest percentage of buyers aged from 36-49, reflecting the appeal of these suburbs to households with young families due to good schools and parks.

What is unique about these suburbs is that many of the properties still have the old original features such as parquet floors and architectural styles of a bygone era. The Parks is steeped in history and buyers who love the charm of yesteryear will appreciate this aspect, infused with the modern lifestyle on offer. These properties also give buyers the opportunity to renovate to suit their own tastes and requirements. Refurbished and modern homes include features such as a double volume entrance hall, which creates a sense of open and large space, and a seamless flow between inside and outside living, according to agents.