Parkhurst property prices have seemingly reached a ceiling and might even taper off slightly before the end of the year.
That’s the opinion of local Chas Everitt real estate agent Izanne Dalle Ave who remarks that Parkhurst, while still hugely popular, has effectively peaked price-wise. “This is due largely to the fact that buyers are now much more price sensitive and increasingly want more ‘bang for their buck’, ” says Dalle Ave. She points out that evidence of this trend has manifested in a distinct shift of buyer focus away from Parkhurst to properties in the neighbouring suburb of Linden. Indeed, this activity is occurring to such an extent that Linden has been dubbed the ‘new Parkhurst’.
While Linden offers three and four bedroom homes astride plots measuring between 1, 400sqm’s and 1, 800sqm’s for R1, 5 million, Parkhurst properties only measure 495sqm’s on average, typically feature two en-suite bedrooms and range in price from R1, 8 million to R3 million. Many Parkhurst properties also lack ample parking space.
Further bolstering Linden’s offering is the suburb’s excellent schools. These include, amongst others, Linden High School , Unika , De La Salle , King David Victory Park and Crossroads. A number of local public tennis courts and pools and an NHS medical centre also lie within close reach.
Linden now also has its own trendy shopping strip on 4th Street which could be likened to Parkhurst’s designer 4th Avenue where an eclectic mix of antique, décor shops and a good smattering of chic cafes and coffee bars have mushroomed.
According to Dalle Ave, Linden 4th Street has made available a similar retail offering complete with restaurants, a quaint theatre, Arthur Bales-Johannesburg’s foremost wool and material shop - and an Argentinean Bakery amongst other stores.
Of course Parkhurst isn’t exactly short of plus points. In addition to 4th Avenue, residents enjoy easy access to a variety of other upmarket shopping nodes; rates and taxes are relatively low given the property sizes and crime is fairly scarce thanks to the strong tactical response presence in the area.
Notes Dalle Ave: “Parkhurst also plays host to a beautiful wetland where residents enjoy walking their dogs. The actual look and feel of Parkhurst, which has been described as Cape Town like, also adds to its appeal.
“About half the homes have been beautifully refurbished and feature pressed ceilings, art deco doorframes and wood panel floors while the other half are contemporary new builds. The latter type of property usually sells within a week of being on the market. Furthermore, a number of the Parkhurst properties feature separate cottages which the owners rent out for around R6 000 to busy executives. Ultimately, Parkhurst simply appeals more to those who want a designer, lock-up-and-go type lifestyle while Linden offers a more family friendly existence.”
But whereas Dalle Ave says properties in Linden are selling fairly swiftly, Parhurst sales are flat and property stock is plentiful. This is in line with the latest Lightstone report on the area which puts the average sale price at around the R2 million mark. The same report indicates a definite drop in sales.
Overall it would appear that while Parkhurst may have peaked to some extent, Linden definitely appears to be enjoying something of an upsurge and may soon give Parkhurst a run for its money.