These are 10 hot areas to invest in property in Gauteng and Cape Town right now
With Cape Town now ranking as the most expensive area in the country to live in and with top end properties that can now easily sell for prices of well into the upper millions, you may just feel despondent if you are on a budget.
But, according to property group Seeff, there is no need to abandon your dream of investing in property. Cape Town is an area that caters to every buyer need and budget.
If you are a first time buyer or on a budget, then you can still find a good deal here. There is still plenty to buy and invest in below the R1m-R1.8m price range, you just need to know where to look and who to talk to – Seeff of course!
One of the top 5 areas where you can still find a good deal would be Goodwood and surrounding neighbourhoods such as Richwood, Bothasig, Edgemead and Monte Vista.
When it comes to Goodwood and surrounds, you cannot ask for a more central location or a better deal.
The CBD is barely 10kms from the area and residents have quick access to just about every major arterial into and out of the city including the N1, N2 and N7 highways.
You have top class infrastructure right on your doorstep including municipal services such as police and a traffic department. There are also community services including a community hall and library along with sport clubs, a bowling club and a public swimming pool and, there is even an angling club in Goodwood.
Public transport in the area is excellent and includes bus, train and taxi services.
There are also top primary and high schools, often within walking distance and an abundance of safe after-care facilities. Panorama Hospital and the N1 City Hospital are close by and both offer state-of-the-art medical facilities.
Apart from local convenience centres, the large N1 City Mall and Canal Walk are close by. The revamped Tygervalley shopping centre and waterfront are also close by as is the ever-popular Grand West Casino, a major leisure and entertainment attraction in the area.
These areas are also extremely popular for rentals and aside from drawing residential buyers, offer excellent investment opportunities. You should though always act with caution and ensure you do your homework and buy smart if you are buying purely for investment purposes.
Apartment prices in Goodwood, Richwood and Bothasig range from around R400,000 to R1m. Houses start at around R800 000 and range to around R1.5 million on average although there are many homes above this price range.
Edgemead and Monte Vista is a little more expensive with apartment prices starting at around the R1 million mark and houses at around R1.5 million ranging to around the R3 million price mark for a top class house with luxury trimmings and a swimming pool.
The top 5 areas to invest in Gauteng
Seef said that Melville is rebounding from its slow decline from its halcyon days of the late eighties and early nineties back into a new and different but undeniable resurgence. Like all areas in the early throes of revival, it is enjoying a disproportionately high rate of appreciation in property values and offers many renovation opportunities!
The suburb holds a sentimental pull for many of its inhabitants and is characterised by people who could afford to live in more expensive communities, but choose to live in Melville. The allure for many is the mix of historical character homes with pressed ceilings, wrap around porches and wooden floors and an artistic, bohemian neighbourhood vibe.
Many investors have been drawn to Melville of late and find, if they buy right or at the less expensive end of the market, it’s hard to over- improve and easy to make a profit after a quality renovation or development.
A tremendous amount of development is taking place in the areas surrounding Menlyn, inclusive of the Menlyn Main development which includes a casino. All suburbs in the proximity of Menlyn are in high demand as a result of the job opportunities that will be created here. Suburbs include Garsfontein, Menlo Park, Alphen Park, Newlands, Constantia Park, and Ashlea Gardens.
Paulshof: This suburb is nestled between Sandton, Fourways and Midrand and great property can be found for under R2 million. The location is ideal and the value is fantastic, said Seeff.
Large houses on 4000 square metre stands are selling at bargain basement prices in Bedfordview. Patient investors can apply for rezoning and fit up to eight cluster units on one of these sites with individual units selling at the same price as the original land purchase, said Seeff.
Eco Park in Centurion: Property here is affordable, centrally situated to all schools, malls and highways and is achieving excellent returns of between 9% and 10% on resales and rentals, the property group said.
Read this: This is the richest per-square-metre real estate in South Africa
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