Glenferness AH in Kyalami Johannesburg is holding steady amidst stormy global economic conditions. So says Tony Larsson of Country & Suburbia which specialises in the area.
According to Larsson, the inherent appeal and wide open spaces which characterise the area have contributed greatly to the suburb’s stoicism. All of the properties in the area are freehold and measure anywhere from two acres to six acres. Each property can be subdivided to one hectare without the permission of the property’s neighbours and one morgen with the permission of neighbours. Only two dwellings can be built per property. In other words, Glenferness offers plenty of room to breathe.
Importantly, the fact that Glenferness is zoned as an agricultural area and doesn’t feature large scale sewerage infrastructure means the area cannot be densely developed and should retain its bucolic charm for many years to come. According to Larsson, property prices range from R2, 5 million to R6 million. The latest Lightstone report on the area cites the average sales price as R2, 8m which is only R38 000 less than the area’s 2010 average. To date, five properties have been sold in 2011.
Glenferness’ strong equestrian orientation is another ‘plus’ working in its favour. Many of the properties feature stables, paddocks, horses and small livestock. A number of livery and teaching yards and competition grounds lie within close reach with the Gauteng Horse Society grounds being amongst the most prominent. Owners in the area also take advantage of the many outride tracks which punctuate the area.
According to Larsson, Glenferness’ property market shares a number of similarities with Kyalami AH’s. He says many of the properties were established around the same time (30 to 40 years ago), many are priced along similar lines and many are currently undergoing refurbishment. Those that buy in both areas are generally well heeled, own their own businesses and are seeking a break from the hustle and bustle of Johannesburg. He adds that both areas asking prices have also become more realistic over the years.
Another positive factor working in the suburb’s favour is the fact its residents can enjoy country living without having to sacrifice the convenience of access to modern amenities. Fourways, Monte Casino, Pineslopes and Lonehill lie but ten minutes away, Chartwell offers a few basic retail facilities and a number of quality hospitals such as Fourways Life are easily accessible. Good local schools include Beaulieu College, Crawford Preparatory and Saint Peter’s Preparatory School. According to Larsson a large-scale shopping centre is being planned for Kyalami’s main intersection. The establishment of the centre is still in the negotiation phase though.
Lastly, those living in Glenferness are taking full advantage of the rental potential having two properties affords. According to Larsson, many of Glenferness’ owners are leasing their second dwellings for as much as R25 000 in some instances. Those who don’t rent out these properties typically utilise them to house extended family.