PROPERTY PRICES PINELANDS
Category News
Prices on the up in Pinelands and Thornton, Cape Town's Southern Suburbs.
Buyer demand for homes in Pinelands and Thornton has increased significantly over the past two- to three years as more buyers are seeing the potential the area has to offer,” says Roger Lawrence, property consultant at Jawitz Properties Pinelands. “The overwhelming demand for housing coupled with the scarcity of supply of properties offered for sale, has resulted in a steady rise in property prices.”
A gradual increase in value
The average price of full title residential properties sold in Thornton increased from R1.175m in 2015 to R1.35m in 2016, and looking at just the first quarter of 2017, the average price was R1.4m. Average prices of sectional title properties showed a slightly smaller increase from R520,000 in 2015 to R535,000 in 2016, while the average price for the first quarter of 2017 indicates a much larger increase to R970 000. “The average for this year in particular refers to sales in security complexes,” Lawrence adds. “There is a good appetite for such properties particularly from elderly homeowners wanting to downscale to smaller size homes offering secure living.”
The trend in neighbouring Pinelands, where there are mostly freehold properties has been similar, but with a sharper increase. The average price of full title properties sold in Pinelands in 2015 was R2.66m, rising significantly to R2.94m in 2016, and for the first quarter of 2017 even more so to R3.1m. We have observed a sudden sharp increase in property prices this quarter because of the excessive demand and shortage of properties.
“When comparing property prices with other areas in the Southern Suburbs and City Bowl, for example, Pinelands and Thornton offer above average value to prospective homeowners, even with prices increasing. Properties in Pinelands because of their age, offer spacious living, bigger bedrooms and living areas also situated on larger plots offering potential for expansion,” Lawrence adds.
The attraction of the area
In addition to space, as well as their centrality, Pinelands and Thornton are renowned for green park areas and their quality primary and high schools. Lawrence explains, “Pinelands is known as the Garden Suburb, where one experiences a sense of tranquillity, safety and freedom. Its roads are wide and uncongested, creating a feeling of space between neighbouring properties.”
The area offers a variety of sporting facilities to create a healthy lifestyle for families. “In the evenings, you will see many walkers and runners enjoying their exercise in the wide-open streets or the walkways along the canal,” Lawrence adds. Pinelands and Thornton are also situated next door to the Rondebosch, King David and Mupine golf courses.
Pinelands offers the ideal environment for family living, where there are generally more full title properties. For singles or couples who are first-time buyers, Thornton sectional title living still offers good value.
Out of town living
Another benefit of living here is the fact that the further you move from the city centre, the less you are likely to pay. There will, however, always exist the trade-off between cost and convenience of location, but in a sense, Pinelands offers the best of both options. “While prices in the area are much lower than in the City Bowl for example, for similar properties, the centrality of Pinelands allows residents to live outside the city, but still be mere minutes out of it,” Lawrence concludes.
Author: Jawitz Website
