Upmarket Hyde Park is home to some of Joburg's most successful businesspeople, and a residential developer in the area says property values here are holding up, despite current economic difficulties and political uncertainty
Hyde Park is one of the most sought-after suburbs in northern Joburg, an area famous for hosting some of South Africa’s most upmarket residences.
For this and other reasons, properties In Hyde Park have sustained their values despite adverse market conditions, underscored by political and economic uncertainty, says Troy Sender, a residential property developer and consultant working in Hyde Park.
“Despite properties retaining their merit and desirability, property owners have not achieved the capital growth they expected in recent times, mirroring that of the market sentiment,” says Sender, who urges property owners in the suburb not to worry about what he sees as a temporary downturn in real estate nationally.
While sales of freehold properties last year were slightly lower than those for 2017, sectional title apartment sales rose significantly over the same period, according to Sender.
He says: “House prices in Hyde Park remain constant in a depressed market and will inevitably appreciate in value in buoyant market conditions.” One reason Hyde Park always performs well is that it is perfectly located, says Sender, who recommends the suburb for being central to essential amenities.
The suburb is a favoured destination of trend-setters and socialites, drawn by its upmarket shopping centres, restaurant scene and high standards of living in the vicinity.
Sender says: “Hyde Park has the distinct aura of success and sophistication. “Affluent businesspeople enjoy living in the suburb due to its locality and ease of access to surrounding districts.”
If one locates the right property, high yield and capital growth may be attainable, says Sender. He adds: “The goal is to outperform the capitalisation rate for the specific area, capitalising on greater returns.”
He argues that basing an investment purely on a specific location within a particular suburb, Hyde Park included, should not be the only determining factor when selecting a property investment.
“It really is dependant on the property investor, who needs to ascertain their objectives and the returns achievable on the property. Additionally, investors are seeking high yields or alternatively capital growth on their investment.”
One must consider capitalisation rates, holding periods, financing options and the quality of property, advises Sender. A buyer’s market makes it the perfect time for potential homeowners to find a great bargain, says Sender.
He advises would-be investors to do their homework and to solicit advice from property practitioners. Sender says Dunkeld is considerably more expensive while Illovo is slightly more affordable than Hyde Park.
Ros Beart’s favourite places and things to do
Exudes delicious coffee and bakery smells and offers a warm welcome to those who enjoy the hustle and bustle or a quiet corner. It is a favourite for city cyclists on weekends. Corner Jan Smuts Avenue and Bompas Road, Dunkeld West Centre, Dunkeld. 0113252110
Good for relaxing with a cappuccino or a more sophisticated meal. U29, Hyde Park Corner, William Nicol Drive and Jan Smuts Avenue, Hyde Park. 0113255024
3 Exclusive Books
Here book lovers are encouraged to browse, read or enjoy coffee. U30, Hyde Park Corner, Jan Smuts Avenue and William Nicol Drive, Hyde Park. 0113254298
4 Hyde Park Corner
The centre offers movies, banks and shops and also hosts exhibitions. Jan Smuts Avenue and William Nicol Drive, Hyde Park. 0113254340
5 So Yum
Thai, sushi and Asian cuisine. 24 Hyde Park Corner, William Nicol Drive and Jan Smuts Avenue. 0113255360
6 Nu Metro
Modern and secure. Hyde Park Corner, Jan Smuts Avenue and 6th Road, Hyde Park. 0113254257