A recent survey by credit bureau TPN suggests that tenants in South Africa’s more affordable suburbs may be more reliable than their counterparts in wealthier areas, and it’s named parts of Cape Town’s Northern Suburbs as the best areas for tenants who pay their rent consistently and on time.
This Oakglen home offers four bedrooms, two bathrooms, an open plan family room, a granny flat with two bedrooms, a garden and double garage. It is on the market for R1.895 million - click here to view.The suburbs of Oakglen in Bellville and Protea Heights in Brackenfell were among the top performers, with TPN finding 97 percent and 96 percent of their respective tenants to be in good standing.
Pam Golding Properties’ (PGP) area principal for these areas, Keimpe Weistra, says the suburbs are both inhabited mostly by young professionals and young families. He says these are hard-working, young people who want to ensure that they maintain a good credit record, and who therefore tend to be conscientious and reliable tenants.
Weistra says there is substantial demand for rentals in these areas, and new stock is typically snapped up within a week of becoming available. Coupled with the good rental returns one can expect to earn, this makes it the ideal place for investor buyers to invest in, he says.
Landlords in Protea Heights can expect to earn up to R4 700 per month in income for a three bedroom apartment, while a townhouse can fetch as much as R6 000 to R8 000 per month. Around 40 percent of the area’s sectional title homes are currently tenanted. In Oakglen, a one bedroom apartment can fetch R3 900 per month, going up to R5 500 for a two bedroom unit and R6 500 for a townhouse.
This four bedroom home in Protea Heights has an open plan kitchen and living area, an indoor braai room and double garage. It is priced at R1.599 million through Pam Golding Properties.Besides the appeal of high demand, good rental returns and reliable tenants, affordability is another major drawcard for both investors and those buying to live in the area. They can expect to pay between R480 000 and R700 000 for a sectional title property in Protea Heights, with townhouses fetching between R800 000 and R1.3 million. Freestanding homes in the area cost between R800 000 and R3 million.
In Oakglen, apartments are priced up to R350 000 for a one bedroom unit and R550 000 for a two bedroom unit, while a townhouse can cost up to R900 000. Buyers can expect to pay between R1.1 million and R1.45 million for a freestanding home.
Weistra says accessibility is another appealing feature of both suburbs. He says they are located close to the R300 and N1 highways, offering easy access to both Cape Town and Stellenbosch, and easy access to train stations and bus routes for those who rely on public transport.
Good schools are another drawcard – La Rochelle Primary in Oakglen and Bastion Primary in Protea Heights both have solid reputations, while the new Bastion High is currently under construction. A Curro private school is also expected to be built soon in nearby Sonkring, while a new school for children with intellectual disabilities will open its doors in Oakglen in 2015. Weistra says these new schools should all drive demand from families wanting to settle in the area.
Print
