Secure and upmarket suburb is attractive for young professionals and families
Melrose North is a perfect fit for the well-heeled professional who prizes centrality, security and modernity in an upmarket setting, which is to be expected of a suburb that is a part of Sandton.
Daniel Kvalsvig of Real Estate Services describes the neighbourhood as vibrant and points to a clutch of residential units being developed: “There are upmarket clusters and apartments starting at the near-R3 million mark and going all the way up to R7m, which will be well-finished and attractive to high-earning individuals.”
Kvalsvig’s partner in Melrose North, Lara Bragge, says Melrose North is predominantly sectional title, making it well suited to the younger homeowner, start-up families and young professionals.
“The sectional title units were built in the last 10 or so years. There are also some lovely older and larger apartments and townhouses that date back to the 1970s,” says Bragge, observing the older units are wellbuilt and durable and often feature stunning parquet floors.
She says some have been renovated recently and can fetch prices in the R4m range for a large renovated townhouse.
Kvalsvig says: “The freeholds you find are generally in secure estates and occupy an average land size of 700m², going for around R5m. For a completely free-standing home you are looking at 2 200 m² and a purchase price of nearly R7m.”
He says renovations are much easier to effect here as many of the homes are not heritage properties, so the homeowner is usually spared the headaches of dealing with the heritage council.
Also of benefit to the average homeowner is that sectional titles are in higher demand, particularly in a depressed market, with a sale turnover period of three to five months in the lower to mid-level price range (R800 000-R3m), says Bragge, who says upper-priced homes above R3m may also sell within normal times when priced correctly.
“Homes above R3m generally take longer on the market and do not often achieve the expected prices,” says Kvalsvig, alerting homeowners to the reality that such properties are more likely to get 35% less than they would a few years ago, more so if they are upwards of R5m.
“Generally, the highest prices achieved are in the R7m range for a residential property,” he says, adding that the R28m highest price achieved in the last 12 months was probably for a land parcel for development.
Kvalsvig emphasises that properties in Melrose North have largely held on to their values with proximity to Melrose Arch, Sandton, Illovo and Rosebank a distinct advantage, and the Joburg CBD mere minutes away.
“What is nice is that the developments in the area make it more desirable due to added security and investment,” he says. He tips prospective home buyers to make bold but realistic offers as they can get excellent newly built sectional titles at great prices. And what’s to lose, a vibey cafe culture awaits. Birdhaven is a tad more expensive.
Jarad Coetzee’s favourite places and things to do
1 Coalition Pizza
They’ve got great Italian pizzas, with lovely toppings and there’s a wonderful vibe. Shop 4, Park Corner, 2 Bolton Road, Parkwood. 010 900 4987
2 Wanderers Athletic Club
All you have to do to get membership is join The Wanderers Club and select road running to experience running on the neighbourhood’s streets with its beautiful Jacaranda trees. 21 North Street, Illovo. 011 788 5010
3 Melrose Arch
There’s a piazza where children can run around and great eating options for children and families. 60 Melrose Boulevard, Melrose North. 011 684 0000
4 BluBird Shopping Centre
A lovely centre with a nice sushi restaurant we like visiting. Atholl Oaklands Road and Fort Street, Birnam. 011 887 8576
5 Marble Restaurant
Great food, vegetarian options. Trumpet on Keyes, corner 19 Keyes and Jellicoe avenues, Rosebank. 010 594 5550
6 Parea Taverna
Popular, casual groups. 3D Corlett Drive, Sandton. 011 788 8777