Gauteng Business News

Send  Share  RSS  Twitter  19 Aug 2011

PROPERTY: The Appeal Of Living and Owning Property in Parkview


Recent Gauteng Business News

The prices of property in Parkview have exhibited extraordinary resilience over the past few years, where a strong focus on safety and security is paying off for homeowners in the plush Johannesburg suburb.

The recession in 2009 saw prices plummet in many upmarket suburbs as the oversupply of properties for sale grew, but in Parkview, according to Sotheby’s International Realty area specialists Theodora and David Brickhill, “the demand hardly wavered and prices were underpinned by the usual shortage of supply, thanks to the area’s reputation as a very safe enclave offering a peaceful, unstressed lifestyle”.

Most of the original homes in Parkview are more than 60 years old and are set on stands of around 1000sq, although there are a few with larger grounds of 2000sqm and even 4000sqm. Current prices range from around R1,9m for an “untouched oldie” to about R5,6m for a renovated and modernised home.

There has also been some new residential development along Lower Park Drive overlooking Zoo Lake and on Parkview’s renowned golf course, and the area is thus also able to offer modern lofts, clusters and estate homes at prices from around R2,5m up to about R6,5m.

Property in Parkview - a Rare Commodity

However, the Brickhills note, there are generally very few homes available to purchase in Parkview as those who do acquire a home there tend not to leave very easily. “One reason for this lack of turnover is Parkview’s very central location in the heart of Johannesburg and thus its proximity to many sought-after schools such as Parkview Junior and Senior Primary, Jan Celliers, Japari, The Ridge, St Katharine’s, Auckland Park Prep, Parktown Girls’ High, Roedean, Kingsmead, King Edwards, St John’s and the German School.

“This has induced many owners to spend large sums on the renovation of Parkview properties to make them ‘forever homes’ that are beloved family residences so that their children can attend these schools.”

The Assurance of Safety in your Property in Parkview

But another very important reason for residents to stay put is that they feel safe in Parkview. “The suburb has a distinctly village atmosphere with residents being able to walk their dogs after work, take their children to the park or simply enjoy meeting with friends at the local shopping centre.

“This is largely due to the efforts of our very active Parkview Residents’ Association in conjunction with the SAPS and the PRA’s Safe Parkview proactive security initiative, as well as the willingness of most local homeowners to contribute and co-operate in keeping the area as crime-free as possible.

“And their participation certainly pays off in terms of keeping up the value of their assets. Home prices in Parkview are supported by the perennial desirability of the suburb, which means that growth here as the market recovers will start off a higher base than in many other heritage suburbs.”

When property is rare to come by in such an area, as well as knowing that when you have your property your safety is not just your own concern, it makes for an interesting outcome. This outcome is paying dividends as the owner’s assets are holding their worth. It is with this that one can see why it could be beneficial to own property in Parkview.

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