Situated just minutes from Rosebank, and offering a trendy village lifestyle, the popular and well established northern Johannesburg suburb of Parkhurst remains one of the most sought after addresses in Gauteng.
This is according to Alex Dicks, a Pam Golding Properties agent who specializes in the region. Dicks says that Parkhurst caters to a range of buyers from the middle to the higher ends of the market: “With its picturesque and walk able avenues, street café culture and tight knit community, Parkhurst is the suburb of choice for young, trendy professionals with small families and the more mature, alike,” adds Dicks.
“There are some 2200 residential property stands in the area, almost exclusively freehold homes, most of which are two or three bedroom homes. These may be marketed from anywhere from R2.5 million to R7.8 million. The average value of the homes is R3.2 million, according to residential property research company Lightstone”.
“Parkhurst offers a range of options to the property seeker who is looking for an attractive home on a compact 495 sqm stand and there are currently good opportunities available for buyers to find a dream home that represents a solid investment within the suburb.”
“A number of the homes in the area were built shortly after the end of the Second World War in 1945 and it is quite common for investors to seek older homes in order to develop them to meet their exact specifications and needs, or as investment properties. Some of the homes have been refurbished by consecutive owners and we note that it has become popular for residents to add an extra storey and additional rooms to their homes.”
According to Lightstone’s area report, the average home in Parkhurst fetched R2.3 million in 2012 and R3.150 million in 2016, which is close on a 37 percent increase. This highlights the fact that residential property in the area tends to represent a good longer-term investment, although it should be noted that there was a slight 1.56 percent decrease in average house price growth in 2016 when compared with 2015.
“In common with the national housing market, there was some uncertainty in local property markets due to rising interest rates and political concerns in 2016, so last year’s property market was not quite as active as it was 2015. However, we do believe we are seeing a return in confidence in the Johannesburg property market, and expect a strong start to 2017,” explains Dicks, who is teamed with his mother Terri to offer a complete Pam Golding Properties real estate service to residents and homeseekers in the area.
Parkhurst, which was founded in 1904, is a renowned destination offering a sidewalk café culture similar to that found in neighbouring Greenside. It is regularly visited by both tourists and local Johannesburg residents who enjoy the many outstanding upmarket restaurants, cafes, and boutique, art, antique, décor, and design shops that are located mainly in 4th Avenue and 6th Street.
Terri Dicks, who has some 25 years of experience in the real estate sector, says that the Parkhurst community is well established and fairly stable. According to Lightstone, some 53 percent of property owners have owned their homes for eight years or more.
“There are a number of reasons why homes in Parkhurst are well liked, including the fact that it is so conveniently situated. Indeed, it is difficult to find a more charming leafy suburb situated so close to the heart of Johannesburg,” Terri continues. “Parkhurst is bordered by Rosebank, which is home to a major Gautrain station and a burgeoning local economy, as well as the trendy suburbs of Linden, Greenside and Craighall Park.”
“In addition, it is close by Sandton, South Africa’s financial hub, as well as major road networks such Jan Smuts Avenue and Malibongwe Drive. Of course this also means that the area has easy access to some of the finest shopping and entertainment in the country, including Hyde Park Shopping Centre, Rosebank Shopping Centre and Sandton City, to name just a few. Delta Park and the Johannesburg Botanical Gardens are, meanwhile, available to those who want to want to get out into the country and walk their dogs, while golfers can enjoy the Parkview course”.
“Parkhurst attracts a number of professionals and young parents who appreciate the excellent schools in the area. Parkhurst Primary School meets local needs for the development of young learners, while well-known high schools such as King David are within easy reach. The University of Pretoria Gordon Institute of Business Science is situated in nearby Illovo,” continues Terri.
The Pam Golding Properties mother and son team point out that the Parkhurst community is a close knit one and say that the Parkhurst Village Residents and Business Owners’ Association is highly active. The Association ensures that the suburb and its facilities are well run, governed and maintained. The area is actively policed and there are security cameras on strategic corners. “The result is that residents are often found walking the neighbourhood and enjoy local dog-friendly facilities such as Verity Park.”
“There is also an active rental market in Parkhurst. While some investors rent out entire homes, this market is largely based on garden cottages, which many residents let out to tenants to assist them to pay their bonds and secure a return on their property.”
“Parkhurst is a charming suburb, which offers a leafy but highly convenient lifestyle to its residents. Homes here are likely to remain popular and we foresee it retaining an active residential property market well into the future,” concludes Terri.