High demand, low property turnover and a desirable lifestyle have been the key driving forces behind Parkview’s consistent market buoyancy and stability, even in the immediate aftermath of the 2008 economic crash when property prices barely wavered.
This is according to Sotheby’s International Realty Area Specialists Theodora and David Brickhill, who say: “The property market in Parkview has steadily increased by an average of 6.9% per annum since January 2009 when 53 homes were sold to a combined value of R143.96 million, at an average price of R2.716m”.
“During 2015 there were 43 homes sold to the total value of R173.35m with an average price of R4.031m. The highest sale price last year was R6.5m and the lowest R2.4m.”
The Brickhills attribute this to the suburb’s long-standing reputation as a peaceful enclave offering a secure, upmarket lifestyle that has not only ensured Parkview remains one of Johannesburg’s most sought-after areas, but also that property prices have continued on an upward curve underpinned by the perpetual shortage of available stock.
Parkview is still dominated by single title properties and most of the original homes are more than 60 years old set on generous stands of around 1 000m², although there are a number on larger plots of up to 4 000m².
According to the Brickhills, the entry-level price for houses has risen to around is R3.3m for an older three bedroom property with two reception rooms, a garage and staff quarters.
“At the upper end of the market are homes that have been beautifully renovated with top-of-the-range finishes and great attention to detail. For around R6.9m one can buy a four bedroom, four bathroom family home with four reception rooms, a double garage, pool and spacious staff accommodation.”
Although there has no major shift in the overall property landscape in Parkview in recent years, there has been some development especially along Lower Park Drive overlooking Zoo Lake and on Parkview’s renowned golf course, which has introduced sectional title and cluster homes into the mix.
“These properties start at around R2m for a one bedroom, one bathroom flat and at R3m for a three bedroom, two bathroom cluster home,” say the Brickhills, “with the upper end of the market being around R7.2m for a spacious, modern three bedroom cluster home in a secure complex with its own garage, private garden, pool and staff quarters.”
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says: “One of the main reasons that property turnover in Parkview is so low is the fact that residents feel safe in the suburb. It has a village atmosphere of yesteryear, with locals still being able to safely walk to the shop and take their children to the park”.
“This is largely due to the very pro-active Parkview Residents’ Association in conjunction with the SAPS and the PRA’s Safe Parkview security initiative, as well as the enthusiastic input of the local homeowners who all work together to keep the suburb as crime-free as possible”.
“It’s therefore not surprising that when properties do come onto the market in this area, they sell very quickly and that prospective buyers are prepared to pay a premium to live here.”
Geffen adds that the same high demand is experienced in the rental market but, since around 90% of investors buy to live in the area, there is a dearth of available rental homes with agencies reporting long waiting lists.
Adding to the appealing tranquillity of the suburb is the fact that there is no commercial activity; only local convenience stores and myriad amenities for residents.
Say the Brickhills: “Parkview is an almost entirely self-contained suburb. It has a good retail mix as well as seven churches, a synagogue, nursery schools and five excellent local schools, including Parkview Primary and senior schools, Parktown Girls High and the private Jan Cilliers Primary School”.
“There are also several outdoor recreational and sports facilities including a large, well-equipped park with swings, slides and an outdoor gymnasium, Zoo Lake, a gym, Parkview Golf Course, bowling greens, pilates studio, soccer fields and squash courts.”
The suburb’s convenient location in the heart of Johannesburg is another drawcard as Parkview is in close proximity to the University of Johannesburg, several other top schools in neighbouring suburbs, Rosebank Mall and the M1 highway which connects it to most major nodes.