Demand for property in Grassy Park, Cape Town is on the upswing. So says Mark Brickles of RE/MAX Ultra Select which services the area. Brickles credits the area’s popularity to the fact that it offers a well-established public transport system and good value for money homes: two factors which serve to make the suburb highly appealing for start-up families.
Grassy Park is located on the northern embankment of the Zeekoevlei and lies within fairly close proximity of Muizenberg. Akin to many other Cape Town suburbs, Grassy Park originally started out as a rural outpost in the 1900’s. Over the years the suburb grew and underwent significant development. Today it is a densely populated area characterised in the main by freehold homes.
A typical Grassy Park freehold home features three bedrooms, one or two large bathrooms, a lounge, kitchen and double garage depending on the property. The majority of the freehold homes are about 40 to 50 years old, measure approximately 150sqm’s on average and sell from R400 000 to R950 000.
The top freehold price achieved to date currently stands at R1m. The latest Lightstone report on the area places the current average sales price at R624 000. The same report cites 34 sales as having taken place in 2011. Rental-wise, Brickles says these properties lease for between R3, 500pm and R5000pm.
A small percentage of Grassy Park’s property market is made up by sectional title properties. Just over 9% in point of fact according to Lightstone statistics. Brickles says these properties range in age from 5 to 15 years, feature one or two bedrooms, a bathroom an open plan kitchen and lounge and cost between R180 000 and R450 000. Lighstone statistics place the current average price at R157 000. Joshua adds that these properties are usually rented out for around R2000 to R3000pm.
Grassy Park’s heart is an intersection dubbed ‘Busy Corner’. A variety of shops, the Grassy Park Library, a petrol station and mini-bus taxi depot are all located here. The Grassy Park Hotel also lies within close proximity of this mini hub.
In addition to its family friendly homes and prices, Grassy Park has banks and churches and is home to a number of good schools including Grassy Park High School. Medical facilities include, amongst others, the Lotus River Community Health Centre and Grassy Park Community Health Clinic. Three police stations also lie within close reach. Additional draw cards include the Rondevlei Bird Sanctuary, the Princess Vlei: a small dam where the local fisherman sell their wares and the aforementioned Zeekoeivlei where a popular yacht club has set up shop. The sea is also just a short drive away.
“Entry level buyers with young families are flocking to Grassy Park,” notes Brickles. “They’ve caught on to the inherent value the area offers and are snapping up properties within a day of them being on the market in some instances.”
Meanwhile, in terms of other market activity in the area, property auctions have dropped virtually to nil, a sign perhaps that the National Credit Act is having a positive effect on buyer behaviour. No major new developments have been planned for the area either says Brickles (thanks largely to the fact that Grassy Park is already so well-established). This lack of new development is underpinning demand for Grassy Park property and should serve to prop up prices in the short to long term.