The luxury sector of the property market in Bedfordview is alive again after almost four years in the doldrums.
This superbly located, four bedroom mansion in a boomed-off enclave of Bedfordview is on sale for R5.5 million - click here to view.
This is according to Chas Everitt International area specialist, Luz Dias, who says there have been more than 20 sales in this sector in the past three months, and the number of enquiries for homes in the R5 million to R6 million price range has more than doubled since this time last year.
A large percentage of the current high-end buyers are long-time residents of Bedfordview and are taking the opportunity to upgrade while interest rates are still low and before increased demand starts to drive up prices.
“We are seeing a lot of middle-aged buyers looking to upgrade from houses at around the R3 million mark to R5 million properties, while older residents who are ready to downscale are focusing on luxury clusters in boomed-off areas,” she says.
However, the area is also attracting the attention of wealthy buyers from other parts of Gauteng, and from other countries in Africa, especially Angola, Mozambique and Zimbabwe.
These buyers, says Dias, are especially attracted by Bedfordview’s central location, proximity to OR Tambo International airport and good value for money compared with other high-end suburbs in Gauteng.
For example, they recently sold a luxury home with two separate cottages on a stand of 2500sqm for just R5.3 million.
Other draw cards, she says, are the excellent schools in or very close to Bedfordview, a private university campus and a range of sporting, shopping and entertainment facilities “right on the doorstep” for residents.
The schools include St Andrew’s Girls, Bedford Primary, Bedfordview High, St Benedict’s Boys, Holy Rosary Convent, Jeppe Boys High, King David, Leeuwenhof Afrikaans Private School, Reddam House and the Saheti Greek School.
The shopping and entertainment venues include Eastgate mall and the Bedford Centre and Bedford Square complex, which was extensively revamped and extended a few years ago and now houses many high-end retail outlets, cinemas, and restaurants as well as 420 upmarket apartments and penthouses.
And these units, as well as the homes being sold by upgrade buyers, says Dias, are attracting a younger contingent of buyers that will ensure the rejuvenation of the area and continuity in the local property market.
She says while just 10 percent of current property owners in the suburb are under 35 years old, statistics compiled by property Data Company Lightstone show that almost 30 percent of recent buyers have been in this age group.
Print
