Jhb suburb's prospects improve
2008-11-03 · Gauteng
Property prospects are looking up in the middle class Johannesburg suburb of Weltevreden Park, in response to the unchanged interest rate and early indications of improvements in the local business sector.
Jon Rosenberg, principal of the local Homenet agency, says there has been a marked improvement in buyer sentiment in recent weeks and that enquiries are coming in steadily.
Originally considered a somewhat remote suburb, Weltevreden Park grew out of an area of plots and farmsteads. Now there is little undeveloped land left and this underpins demand for existing properties in the popular suburb.
"Infrastructure upgrades have been slow to follow in the wake of the residential growth and we are now faced with a situation where the existing schools and roads are battling to cope somewhat with the increased traffic," says Rosenberg.
"However, prospective buyers don't seem deterred and show-house attendance is definitely on the up." Townhouse prices in the area now average about R650k, he says, and freehold homes are moving when priced realistically at prices ranging from R950k to R1,3m.
In addition, the rental market in the area is booming, with two-bedroom townhouses proving the most popular at rentals between R4k and R4,500 a month. Enquiries for freehold properties are also increasing.
"Indeed, it seems that while Weltevreden Park has not escaped unscathed from the unforgiving property market conditions of the past few months, the area is now well on the way to a solid recovery."
Spinoff demand from the new FNB office and shopping complex nearby has yet to be felt, says Rosenberg but it is expected that the build will create some impetus for the area in the future. There are also other projects in the pipeline that have been delayed due to a lack of electricity approvals, a scarcity of land and developer nervousness.
Jon Rosenberg, principal of the local Homenet agency, says there has been a marked improvement in buyer sentiment in recent weeks and that enquiries are coming in steadily.
Originally considered a somewhat remote suburb, Weltevreden Park grew out of an area of plots and farmsteads. Now there is little undeveloped land left and this underpins demand for existing properties in the popular suburb.
"Infrastructure upgrades have been slow to follow in the wake of the residential growth and we are now faced with a situation where the existing schools and roads are battling to cope somewhat with the increased traffic," says Rosenberg.
"However, prospective buyers don't seem deterred and show-house attendance is definitely on the up." Townhouse prices in the area now average about R650k, he says, and freehold homes are moving when priced realistically at prices ranging from R950k to R1,3m.
In addition, the rental market in the area is booming, with two-bedroom townhouses proving the most popular at rentals between R4k and R4,500 a month. Enquiries for freehold properties are also increasing.
"Indeed, it seems that while Weltevreden Park has not escaped unscathed from the unforgiving property market conditions of the past few months, the area is now well on the way to a solid recovery."
Spinoff demand from the new FNB office and shopping complex nearby has yet to be felt, says Rosenberg but it is expected that the build will create some impetus for the area in the future. There are also other projects in the pipeline that have been delayed due to a lack of electricity approvals, a scarcity of land and developer nervousness.
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