Local property experts discuss what kind of buyers Valhalla attracts and why.
What is currently happening in the property market in Valhalla?
Valhalla consists of 91% freehold homes and 9% sectional schemes. The number of registrations that took place in 2013 was 120, 2014 – 99, 2015 – 117, and 2016 - 63 to date. The median value of homes in 2013 was R980,000, 2014 - R1,150m; 2015 - R1,150m and 2016 - R1.2m. Recent buyers are grouped in these age demographics: 4% are 65 and older, 11% are between 50 and 64, 54% are between 36 and 49 and 31% are between 18 and 35. The Valhalla property market shows consistency over the years in terms of sales and value for money. It remains an ideal family oriented suburb with all amenities.
What attracts buyers to Valhalla?
Purchasers are attracted to Valhalla for many reasons. One surely is due to Valhalla’s outstanding location flanking the Old Johannesburg Road and positioned between the R55 to the west and the Ben Schoeman highway to the east, offering easy access to other major highways. Affordability is another reason. Deeds Office statistics thus far for 2016 show that 83 full title properties were registered at a median price of R1,15m with stand sizes often well over 1,000m2, this offers excellent value for money. The median value for sectional title properties are R602,500. In addition, 16 units were registered in the same period.
What kinds of properties are available in Valhalla and who is buying them?
Valhalla is a well-established middle-class suburb and the types of properties include houses, townhouses, apartments, vacant land and new developments. House sizes range from 800m2 to 2,000m2 pricing from R1,2m up to R3,45m. Townhouse sizes range from 300m2 up and prices range from R800,000 plus. Apartment sizes range from 88m2 to 123m2 and prices from R550,000 to R1,050m. Vacant land sizes range from 1,700m2 to 4,070m2 pricing at R750,000 to R1,2m. More than 50% of owners have lived in the area for 11 plus years. Middle aged buyers make up the largest portion of buyers, followed by young adult buyers.
This article originally appeared in Neighbourhood, Sunday Times.
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