Illovo is the perfect setting for young professionals who want to buy an investment home close to work, upmarket shopping and a selection of fine dining and social activities.
If you are an active and/or relatively young professional, the kind of person likely to put in long hours and whose typical workplace is a high-end address around the Sandton area, it makes perfect sense to base yourself in Illovo.
Strategic location hardly comes any better than in this small suburb of largely sectional title properties which is home to law firms, financial houses, parastatals and high-flying local and international corporations in Melrose, Sandton, Rosebank and surrounds.
In addition, close to hand will be the high standards and top facilities geared to make life easy for the resident whose average profile you are bound to fit: the under-50 workaholic who leaves home early and gets back late.
“These are people who work long hours and don’t like to travel 45 minutes to get home. Illovo is close to most of the high-end workplaces in the vicinity,” says Alisha Paterson, manager of Seeff Sandton.
“Most buyers are young or under 50 years of age, which makes sense in terms of the proximity to business districts in Sandton and Rosebank, and the business area of Illovo itself around Fricker Road. Catching the Gautrain to Joburg or Pretoria is easy from Illovo,” says Paterson, who cites conveniences such as the Thrupps Illovo Centre in the neighbourhood and the social scene at nearby Melrose Arch.
The Wanderers Club is also in Illovo and the Mall of Rosebank and Hyde Park Corner are nearby.
“More than 100 properties have been sold in Illovo in the past 12 months, which is testament to its popularity. Most sales occurred in sectional titles, which predominate here.” Paterson says sectional titles comprise 80% of Illovo’s market stock, and these generally sell for between R1 million and R3m.
The diversified property portfolio means there’s something for everyone, provided your monthly household income is between R70 000 and R90 000. “Units start at R1m for a one-bedroom apartment and two-bedroom apartments start at around R1.5m. Houses in Illovo can be priced anywhere between R5m and R2m.”
Paterson says only a handful of original homes on larger stands remain as most have made way for sectional title apartments.
There are around 1 700 properties in Illovo and its extension, comprising a mix of older units and newly-developed apartments with developments still going up.
Paterson says Illovo affords the investor the option of choosing from a selection of newly built and more modern residential units, offering newer conveniences for immediate occupation, or buying an original apartment that can be renovated.
“If you can buy an old unit and fix it yourself it’s well worth it as you will certainly get a return on your investment. People will always want to live here due to the centrality,” says Paterson.
Hyde Park is a neighbouring suburb. Charles Vining, Seeff’s managing director for Sandton, says Hyde Park has held its value well over the years. “This can only mean you will be in good company if you buy here.”
A recent Lightstone newsletter reported that with the exception of Blair Atholl, the most expensive suburbs in Gauteng are all in Sandton, including Illovo.