Parkmore - Poised to Boom

Private Property South Africa

Sandton’s “last affordable residential suburb” is thriving despite tough economic conditions and will “take off” once conditions improve says Riki Scruton of Chas Everitt Bryanston which services the area. Situated directly west of Sandton’s CBD, Parkmore is characterised in the main by generously proportioned, well-priced homes which are attracting young, up-and-coming couples looking to raise families says Scruton.

Many of these homes sit astride quarter acre plots which are easy to manage. Interestingly, many of the new buyers to the area are renovating and refurbishing the properties which is not only giving the area a facelift but is improving overall property values in the process explains Scruton.

“Professional couples and young, aspirant families have recognised that Parkmore currently offers excellent value for money. Accordingly, they are buying into the area now as they realise that, come an upswing, property prices in the area will in all probability increase significantly.”

Parkmore’s property values are already increasing steadily. According to the latest Lightstone report on the area, Parkmore’s freehold prices have increased from an average of R2, 1m in 2010 to R2, 2m in 2011. To date, 40 freehold properties have been sold in 2011. If you’re looking to spend more, look no further than Parkmore’s ‘Sandhurst Enclosure’ which borders Sandhurst. Properties here sell for R4, 5m on average.

Parkmore’s Sectional Title properties, which account for just over 11% of the area’s market, are selling for around R1, 4m which is roughly the same price they were selling for in 2010. Nine of these properties have been sold to date in 2011. Parkmore also plays host to a fair amount of offices and retail stores which are apparently faring well.

Convenience is a key part of Parkmore’s charm. A Parkmore resident himself, Scruton says Sandton’s CBD can be reached on foot and the N1 highway is easily accessible which greatly eases daily work commutes. Shopping-wise, residents are spoilt for choice. Benmore Gardens lies a stone’s throw away and a bevy of local shops and restaurants are located on 11th Street and at Parkmore Mews. The ever popular Sandton City is currently being revamped and promises to offer a Dubai-like shopping experience upon completion.

In terms of sports amenities, Scruton says that residents often make use of the nearby George Lea Park located along Sandton Drive which plays host to the Sandton Sports Club. In addition to a sports pub, the club features cricket, football, volleyball and in-door swimming facilities. The nearby Field and Study Park is also a popular venue for Parkmore’s families and dogs.

Medically, Parkmore is well catered for. While Morningside and Sandton Clinic attend to all major medical issues, local practices along Parkmore’s 10th and 11th Streets take care of the area’s everyday medical concerns. Residents can also take their pick of good schools. Schools in the area include Crawford Pre Primary, Montrose Secondary and Grayston Secondary School to name but a few.

What is more, Parkmore also boasts an active and enthusiastic rate payers association which operates as a Section 21 Company. Currently the association is lobbying to boom Parkmore, which if it comes to pass, will only boost Parkmore’s values still further concludes Scruton.

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