The suburb of Olivedale in Johannesburg is about to get a whole lot more family friendly. According to Denalee Drotskie of Frankie Bell's Real Estate, the local private school - ‘Cooper College’- which until now only offered foundation phase tuition will be offering high school classes in the future.
Drotskie says the advent of high school tuition within Olivedale’s surrounds is good news as the closest public high school is Fourways High and the nearest private school facilities are located in Bryanston and Sandton.
Interestingly, Cooper College’s high school offering is not the only educational boon Olivedale is to receive. Apparently, a government school has been earmarked for Bellairs Drive and a large amount of ground has been fenced off at the corner of Hyperion Drive-purportedly in anticipation of another school. Drotskie says the upgrade to Olivedale’s educational profile has already piqued new buyer interest and will no doubt serve as a strong draw card for buyers with families in years to come.
The construction of educational facilities is but the latest spate of development to occur in Olivedale. Over the past few years, a number of Sectional Title complexes have sprung up in the area alongside a new lifestyle estate, retirement villages and a bevy of shops. According to Drotskie, Olivedale’s Sectional Title complexes differ greatly in terms of offering and price. Currently, units range in price from R800 000 to R2 million and are leased for between R9 000 and R12 000pm. She says Olivedale’s Sectional Title rental market is particularly buoyant at present.
And the Sectional Title development hasn’t abated. Another Sectional Title apartment orientated development named ‘Olive Grove’ is under construction on Windsor Avenue and will no doubt be “a hit” upon completion. Property prices at the development have yet to be confirmed.
Olivedale’s lifestyle estate is named ‘Olive Wood’. A large family orientated development, Olive Wood offers upmarket, double storey freehold properties. According to Drotskie, the estate is being developed in phases with the majority now complete. She adds that properties have sold at Olive Wood for as much as R4 million and are leased for approximately R30 000pm.
In terms of Olivedale’s retirement options, prices and units vary greatly. According to Drotskie, retirees have found the range of homes very much to their liking. Prior to all the construction, Olivedale was characterised, in the main, by freehold properties and still is to a large extent. Drotskie says Olivedale’s freehold homes are particularly popular with families given that the majority feature large bedrooms and gardens. Drotskie reckons these homes represent good value for money too with prices averaging at around R1, 4 million. The fact that many of the freehold properties are being revamped and boomed off further adds to their appeal. These properties typically lease for around R15 000pm.
Lightstone’s latest report provides an interesting ‘snapshot ‘of Olivedale’s property market. The report pertains to Olivedale Ext 1 and states that one freehold property sold in 2010 for R1, 5 million. In 2011, two properties sold for R1, 3 million. Both 2011 buyers fell into Lightstone’s ‘youth/ adult’ bracket of 18-35.
“Although Olivedale is fast becoming the quintessential family neighbourhood, it caters to a broad spectrum of buyers. The fact that the suburb’s educational needs are now being met means that we are battling somewhat to keep up with demand for stock which is a happy scenario indeed and bodes well for the suburb’s future.”