With its central location, excellent access to public transport, and wide variety of properties on offer, Goodwood has been a favourite with middle-income Capetonians for many years.
According to the resident Rawson Property Group estate agents, this consistent level of demand has created a particularly stable local property market, which continues to deliver excellent growth and investment potential to those in the know.
“Goodwood is quite special in that it’s not only extremely convenient, it’s also incredibly diverse in both property and population,” says Lee Ross, the Rawson Property Group’s franchisee for the Goodwood area. “We have apartment blocks, complexes, freestanding homes – you name it – which means we’re a great option for people in all stages of life. As a result, we have wonderful diversity in terms of age and culture, with everyone from students to families all the way through to retirees finding something to love about our area.”
According to Ross, the many religious institutions in Goodwood have proved to be a big draw for residents, with a lot of families looking to live closer to their place of worship in a community with other members of their congregation. “Goodwood has some great, close-knit neighbourhoods with families and friends all living nearby,” says Ross. “The larger properties are also ideal for raising children – they have plenty of space to run and play – and a lot of young couples are seeing the benefits of this kind of family-centric lifestyle.”
While many of the homes remain older in design, there is a trend for progressive renovations amongst the younger buyers in the area.
“The younger generations are definitely taking pride in their homes,” says Ross, “and they are slowly revamping the old houses into attractive, modern properties. Because of this, Goodwood now boasts a huge variety of house styles, although the original structures often date back anywhere from 30 to 70 years.”
“Erf sizes tend to be around 495m2 to 600m2 plus,” Ross continues, “and prices can be anything from R1.2 million to R2.6 million for a freestanding home, depending on which part of Goodwood you’re looking in.” Tygerdal, Goodwood Park and Townsend Estate are described as the most upmarket neighbourhoods in Goodwood, while the streets below Milton Road boast the most affordable, well-sized homes.
Freestanding properties aren’t the only popular options, however. “Buy-to-let apartments in the Goodwood area are highly sought-after, and are an excellent way to build a rental portfolio,” says Ross. “Demand is high from tenants and rental returns are good, which makes it a very economically viable investment. Capital growth expectations are also very high, especially for apartments.”
That’s not to say that capital growth on other Goodwood properties is poor. In fact, Ross reveals that many owners see as much as 10% to 15% growth per annum. While this may decline as the market adjusts to the increasing interest rates and inflation currently affecting the country, he does not believe the local market trends are in danger of changing any time soon.
“Our property trends are very stable, and we’re unlikely to see dramatic changes in the near future,” he says. “We may slowly move from the current sellers’ market to a buyers’ market, with more properties available and fewer qualified purchasers, but the current stock shortages and high demand indicate that this could take a while to have any real effect. In the meantime, our outlook is positive, and we’re looking forward to continued growth over the next year.”