According to those in the know, Randpark Ridge has become something of a hotspot of late with those seeking property refurbishment opportunities.
Bronwen Lloyd of Rawson’s Properties reports that young couples in particular have taken to buying some of the older properties in the area with a view to upgrading and selling them at a profit.
Says Lloyd: “It’s an interesting trend but one which is not entirely unexpected given the fact that many buyers still aren’t being granted 100% bonds by the banks. Typically these types of homes can be bought for around R1.2m, refurbished and sold at a later stage for between R1.6 and R1.7m.
“As appealing a scenario as this may seem, would-be refurbishers need to be aware of the pitfalls involved with revamping. We have come across a number of instances where inexperienced homeowners have overcapitalised or simply tacked on rooms without really thinking it through. Consequently buyers are put off the property which is why we advocate residents seek professional advice before embarking on any refurbishment project.”
Of course the fact that Randpark Ridge is attracting such buyers does nothing to detract from the area notes Lloyd. Indeed, Randpark Ridge has long been regarded as a highly appealing suburb she says. “It just happens to be slightly older than some other suburbs, hence the scope for refurbishment opportunities.”
Homes in the area are typically generously proportioned and well built. A number of good schools such as Randpark Primary and nursery schools such as the Play Play House have also helped bolster its appeal, especially with buyers looking to raise families.
The area also plays host to Hymany Park and an attractive green belt. Although once something of a security concern, Lloyd says a pro-active residents association and police monitoring has put paid to much of the crime associated with these green ‘zones’. Now, families walking their dogs are a common sight as are would-be fishermen who try their luck at Hymany Park’s dam.
Retail nodes are also plentiful. Cresta, Clearwater Mall, Northgate Shopping Centre and Randridge Mall-which just recently underwent an overhaul-are but a few of the shopping amenities available to residents. There’s no shortage of nearby entertainment options either and major business and commercial nodes can be easily accessed.
In terms of values, the area has fared fairly well. According to Lightstone statistics, the average freehold home is currently selling for around R1, 3m – up from a four year level of R1,2m. Top prices achieved for a freehold property in the area stand at R2, 4m and sectional title properties are currently selling for approximately R890, 000 on average.
Interestingly according to Lloyd, rental stock is thin on the ground. What little there is can be leased for between R4, 500 and R10, 000. New Developments are also in short supply with only one new residential development earmarked for Dale Lace Avenue.
The fact that the area is so well developed and open land is in short supply will, remarks Lloyd, only help drive demand for existing properties in the years to come.