Local property experts discuss what the property market in Rondebosch is doing.
How has the area changed over the past five years?
Homeowners in the area's prestigious Golden Mile and more affordable Park Estate have been extensively changing their properties to offer dual living opportunities, even subdividing their land to accommodate a completely separate home. The reasons behind this move include security, and also an extra income from renting out the newly created units and/or dual living sections. The area has seen a large amount of new development, especially to service the ever increasing demand for student accommodation, popular with students and their investor parents as well as buy-to-let investors. There’s a higher demand from buyers for security complexes, instead of the neighbourhood’s traditional larger freehold homes.
What types of properties are available and what can buyers expect to pay?
The Silver Mile area of Rondebosch is highly sought-after by upwardly mobile families. Here entry level is just over R3m for a small, three-bedroom family home, going up to around R8m for a renovated, five- to six-bedroom home. In the Golden Mile, larger homes with six bedrooms on big properties can fetch up to R15m. The entry-level price in the Golden Mile area is currently R4,95m for a four-bedroom, 600m2 property. In Rondebosch Village, there are smaller homes ranging from R1,8m for two-bedroom homes on 132m2, to around R5m for a modernised four-bedroom home.
Geraldine McKay: Property consultant, Greeff Properties
What attracts buyers to the area?
Buyers are attracted to Rondebosch because of the close proximity to all the leading schools. The schools are over-subscribed and often only accept children that live in the school catchment zone. UCT attracts parents buying large homes for student children to share with their mates, as the university residential hostels are difficult to get into. Security is a prerequisite when parents are buying for their children. Doctors enjoy living in Rondebosch because of the proximity to our well-known hospitals Red Cross, Kingsbury and Groote Schuur. B&Bs do extremely well as Rondebosch is so close to clubs and sports amenities with easy access to the airport.
This article originally appeared in Neighbourhood, Sunday Times.
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