High demand for apartments in the suburb makes it a good investment destination, or buyers can choose large stands that can be subdivided in an area which is forecast to become more desirable and upmarket.
Prospective home buyers in Craighall Park could do well to look for properties with larger stands that can be subdivided at some point as there’s an ample appetite for clusters and sectional titles in the area.
This is according to Lara Bragge, a property specialist with Keller Williams Realty Clockwork. She argues one’s initial capital outlay will most likely bring in good returns in the long run.
“I can foresee this area becoming more and more desirable and upmarket as more development takes place in Rosebank, Sandton and Joburg and demand for accommodation in the suburb increases,” she says.
“More homes will certainly be renovated to cater to this rising demand, with property prices thus increasing correspondingly. Now is the best time to get in to this area.” Older homes on the original large stands are popular and are in the lower R3million price range. Bragge says these can be renovated or rebuilt.
“They have a resale value of anywhere from R6m to R10m while the upper-end properties go for around R8m to R10m and move a little slower, but there are cash buyers, including expats returning to South Africa, business owners and overseas clientele.”
Most new developments consist of upmarket clusters which are on the increase, a trend attributed to rising concerns for safety and security. Upmarket three- to four-bedroom modern clusters with great security and finishes have become exceedingly popular, with mostly older sectional apartments among the leading sellers.
“These are snapped up quickly mostly by first-time buyers who are eager to break in to the market in the Parks as they are priced at around R1.5m to R2m.” Clusters are further diversifying the property portfolio and making it more desirable to live in Craighall Park for a wide variety of buyers.
“Because of this, prices have stayed fairly high even in such a bad market,” says Bragge. This high demand for apartments makes Craighall Park a great investment destination.
“There’s no shortage of buyers looking to get in to the Parks area,” she says, listing among sources of rental custom executives and upperlevel management staff who commute to Joburg, and young professionals seeking to be closer to their places of work.
Whereas the older homes on large stands are mostly structurally sound, the modern, well-renovated or rebuilt mansions boast distinctive architecture and add to the normal freehold homes in the suburb. Even top-end properties are eliciting a fairly good response, albeit selling slower.
“The highest price that can be achieved here is around R15m on stands of up to 3000m² or larger. Lately, the highest achieved was around R8m.” The heart of Craighall Park is more popular than locations nearer to Jan Smuts Avenue and the main thoroughfares. Parktown North is slightly more affordably priced.
Stuart Byers’s favourite places and things to do
1 Cnr Café
It’s just two blocks from my house. The staff and the atmosphere are friendly. Buckingham and Rothesay avenues, Craighall Park. 0118802244
They are homeware specialists and one can order items for the home, from storage boxes and lifestyle furniture to custom-made furniture. Corner 4th Avenue and 7th Street, Parkhurst. 0118808259
3 Delta Park
This is a nice dog walking park. I’ve got two dogs and enjoy taking them there. 77 Craighall Road, Victory Park, Randburg. 0118884831
4 Planet Fitness
It’s conveniently situated in the neighbourhood. I go there about three or four times a week. 396 Jan Smuts Avenue, Craighall Park. 0115013180
5 Dolci Café
Italian, cosy, casual. Shop 6, Lancaster Village, 28 Clarence Avenue, Craighall Park. 0109002274
6 Possums on Burnside
An elegant Italian restaurant with garden plus art gallery. 6 Burnside Avenue, Craighall Park. 0113263970