The property market in Northwold is holding up during the tough economic times and this is partially attributed to the wide range of choices in an area close to good schools, highways and shopping facilities
An inspection of available properties in Northwold indicates the Randburg suburb has one of the best-diversified market stocks in Joburg. As of last week, there were about 150 properties for sale, ranging in size from one-bedroom apartments to homes with five bedrooms, says Sharon Harvey of Frankie Bells.
“Of these, nine were one-bedroom apartments, 76 were two-bedroom units, 62 had three bedrooms, 11 had four bedrooms and two had five bedrooms.”
The rate of sale usually depended on the mark-up, with more affordable properties selling much faster, says Harvey. “If it’s a good buy, it takes three to six weeks to sell.
“Top-end properties are taking a while to sell in the current economic climate, especially since Eskom increased tariffs. Last year top-end full title homes achieved about R2.8 million and sectional titles R1.85m” says Harvey, adding Northwold properties are keeping their own in a persisting tough market.
Also playing a role in the availability of ample market stock was people were selling to emigrate or relocate, most commonly to Cape Town, says Harvey. She also cites the upcoming election as a factor in slowing both sales and rental markets.
Prospective residents and investors were unwilling to commit until after the political certainty that’s expected to follow the election, says Harvey. Those who purchased properties here would most certainly receive good returns on their initial investment “as the investor gains capital growth of a property over time”, says Harvey.
She says it is a popular residential location due to the perceived sense of safety.
“There are plenty of security estates and Northwold has some great estates with plenty of opportunities for investors. “There are also quite a few boomed-off areas.
“Prospective home buyers should budget for the transfer costs once they have found a home. “Prospective investors need to choose the right property to enjoy good capital growth.”
Harvey says most of those who chose to settle were drawn to good schools in the area.
“Although there are no schools within Northwold, there are a number of good schools in other parts of Randburg, including Randpark Ridge and Sundowner,” says Harvey.
She says families with children in nursery school are more than adequately catered for. “We have found the stable purchaser would prefer to live in the area. Currently, the stable buyers are between the ages of 36 and 49,” says Harvey, citing Lightstone statistics.
In other words, middle-aged buyers with school-going children would be well-suited to the typical family life Northwold encourages. Sonneglans is comparatively slightly more affordable, while Sundowner is a little pricier than Northwold.
Lathasha Subban’s favourite places and things to do
1 Bel Air Shopping Centre
It’s a conveniently located shopping centre with top restaurants. There’s also a big supermarket. 2162 Bellairs Drive, North Riding.
2 Brazen Beauty Bar
It’s a friendly beauty bar offering a variety of services that make women feel empowered. It’s designed for customers’ total relaxation. Shop D12, Northwold Junction, Elnita Avenue, Northwold. 0117914562
3 Phoenix Strength and Fitness
They offer services tailored to your body fitness and give personalised one-on-one service. They even advise you on your diet. Northwold Junction, Drysdale Road and Elnita Avenue, Northwold. 0728812565
4 Northgate Shopping Centre
It’s a great place to go to the movies. There is an ice rink and lots of other services and facilities. 21 Northumberland Avenue, Northgate, Randburg. 0117941687
5 Kylin Kitchen
Good for children and casual, groups. Northwold Junction, Elnita Avenue, Northwold. 011 7914911 6 The Greek Sizzler Outdoor seating, cosy. Malibongwe Drive, Northwold. 0117951336