Close to one of the top wine districts, a casino and entertainment centre and two major shopping centres, the tree-filled, greenbelt of Edgemead is attractive to investors and residents.
A leafy residential suburb at the foot of the Tygerberg Hills, Edgemead is just 20km north of Cape Town’s city centre, with easy access to the N1 and close to the Durbanville wine valley, one of the country’s top wine districts.
Along with Pinelands, Edgemead is one of several garden cities in South Africa; it is mainly residential and as the name “garden city” suggests, is noted for its leafy trees, gardens and generally pleasant environment.
Sir Ebenezer Howard initiated this method of urban planning in 1898 in the UK, in which areas are intended to be planned, self-
contained communities surrounded by greenbelts.
Established during the 1970s, Edgemead has evolved from an affordable suburb geared towards first-time buyers, to a highly sought-after neighbourhood. The area has benefited from the original title deed restrictions in which overhead telephone or electricity wires were prohibited, along with the removal of any trees without permission.
Drawcards to the area include its proximity to amenities such as Grand West Casino & Entertainment World in Goodwood, as well as Tyger Valley and Canal Walk, two of Cape Town’s premium retail centres.
Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa, says property in Edgemead consists mostly of freehold homes (90.59%), with the balance made up of sectional scheme properties (8.48%) and homes in estates (0.93%).
Property sales volumes in Edgemead peaked in 2007, with sales declining in 2008 and 2009. “While the number of sales transactions picked up again in 2010, fewer homes were sold in the area each year between 2011 and 2014. The property market in the area experienced another revival in 2015, with sales remaining stable the following year.”
Edgemead is particularly popular among Generation X and Y buyers, says Goslett, and 39% of recent buyers in the area are between the ages of 36 and 49 years old, while 26% are aged between 18 and 35.
“The largest percentage of existing owners in the area are consumers between 50 and 64, while the largest percentage of recent sellers are homeowners aged 65 and older,” he says.
Lightstone data reveals prices have seen good growth over the past decade. Despite that slight dip in 2009, the median price of a freehold home has continued along an upward trajectory ever since. The current median price of a freehold home in Edgemead is at a record high of R1.91 million. Sectional scheme prices have followed a similar path, spiking slightly in 2013. Prices corrected in 2014, seeing continued year-on-year growth ever since. The current median price of a sectional scheme property is also at a record high of R1.535m.
According to Goslett, between July 2016 and June 2017, homes priced between R1.5m and R3m accounted for around 75.16% of the area’s sales – vastly outstripping all other price brackets.
During this period 22.36% of homes sold were priced from R800 000 to R1.5m, while 1.86% were priced above R3m; only 0.62% of homes were priced between R400 000 and R800 000.