Almost 100 homes are on the market, from one-bedroom sectional titles to four-bedroom estates topping R8million, in this small suburb with the Jukskei River snaking behind it.
Small Olivedale continues to punch above its weight and post impressive sales figures and rental returns in an under performing market in which most properties are failing to realise their true worth.
Century 21 Randburg managing director Charlene Meyer says there are about 90 homes on the market in the area, ranging from one-bedroom sectional titles selling for around R720 000 to four-bedroom estate homes topping R8 million.
“There has been a slight increase in sales on average for both sectional title and free-standing homes. This is a good indication that Olivedale is holding its own in this tough economic climate,” says Meyer, who adds the sectional title market offers the best returns in the area, with rents ranging from R5 500 for a bachelor unit to R12 500 for a three-bedroom apartment.
Sectional titles comprise the lion’s share of the market stock at more than 70%. When looking to invest long term, weigh up the pros and cons, advises Meyer and buying freehold is good practice, if saving on unexpected maintenance expenses is a goal.
As elsewhere in a tough real estate market, properties whose price tags are not market-related in suburb pricing trends have remained on the market for longer, sometimes for between 10 months to a year.
“Free-standing homes ranging from R1.9m to R2.95m usually sell within three to six months if priced correctly.” The top-end price for suburban freehold houses is under R3m, according to Meyer, who says cognisance must be given to the fact the average suburban sale price here is agreed by financial institutions to meet the buyer halfway.
Usually they withhold a bond offer if the sale price cannot be justified. Estate housing seems to be bucking this trend, however. In Olivewood Lifestyle Estate there is movement at the R3m to R4m mark, with different building packages on offer.
“Olivewood Lifestyle Estate is in the sixth phase of development and the demand in the past two weeks has been considerable, with eight stands sold and 10 remaining.”
This leaves the luxurious four-bedroom homes around the R8m mark range as the clear and present sales challenge. “Olivewood Lifestyle Estate is the most sought-after address in Olivedale. The eco-friendly estate is attracting more affluent residents with more disposable income,” says Meyer.
Amsterdam is another sectional development that has grown in popularity, thanks to lifestyle amenities within the complex. It also elicits high levels of rental demand, Meyer notes. The Olivedale Retirement Home, meanwhile, offers a complete retirement solution including health-care facilities.
“Location is key. There’s easy access to the N1 bypass, amenities such as Olivedale Netcare Clinic, All Saints Shopping Centre and Bellairs Shopping Centre as well as good schools.” Jukskei Park is a bit pricier, while North Riding is a lot more affordable.
Laura Craig’s favourite places and things to do
1 Jukskei River
It winds behind the suburb and it’s green and beautiful by the riverside. It’s also a popular place to walk the dog.
2 Northgate Shopping Centre
It is well situated in Randburg and accessible from all directions. It’s great for family entertainment and kids’ fun. Cnr Northumberland Road and Olievenhout Avenue, North Riding, Randburg. 011 794 1687
3 Bel Air Shopping Centre
They have a mix of nice restaurants and retail shops. It’s also closer to home. Bellairs Drive, North Riding. 084 665 0920
4 Café del Sol Classico
A lively Italian restaurant with a magical atmosphere that prides itself on using the freshest of ingredients. Cnr President Fouche Drive and Olive Road, Olivedale Corner Shopping Centre, Olivedale. 011 704 6493
5 Luigi’s Pizzeria
Serving quality pizzas since 1993. Shop 22, All Saints Centre, Windsor Way, Olivedale. 011 704 5580
6 Olive ‘n Twist
Relaxed, child-friendly Italian restaurant. Stepping Stones Shopping Centre, 283 Honeydew Road West, North Riding. 073 184 6409