07 Jun 2013
While the area is not directly on the beachfront, it is still one of a group of suburbs in the country that are considered to be the fastest growing areas on the coast.
Alongside the areas of Sunningdale and Tableview, Parklands is a modern, up-and-coming area that attracts residents who want a vibrant, coastal lifestyle. The area has easy access to the sea, along with the rest of the Cape West Coast and the Cape Town CBD. Besides the ocean and white stretches of beach that most coastal buyers are attracted to, it also offers a variety of beachside restaurants, cafes and clubs, making it a popular holiday destination.
The properties in Parklands are made up of townhouses, flats, apartments, cluster homes and large villa type houses.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says although the number of property sales transactions concluded in Parkland has dropped from the figures seen during the property boom, they are still remarkably high when compared to other regions across the country. He notes that from 2009 the number of sales transactions in the area has once again begun to increase each year, with over 745 properties sold in 2012 alone.
Goslett says a large majority of the buying activity in Parklands can be attributed to younger generation consumers aged 18 to 36 years old, who account for around 45.75 percent of the buyers in the area.
Another active demographic are consumers aged between 36 and 49 years old, who are responsible for approximately 35.9 percent of recent buying activity. This group also represents about 47.41 percent of recent sellers and 46.19 percent of the current homeowners in the area.
According to Lightstone data, from 2004 to 2007, property prices in Parklands grew steadily, however, between 2007 and 2010 prices plateaued and stayed more or less the same. In 2011, the average price of a sectional title unit remained stable, while the average price of a freestanding home saw a massive increase, reaching a record high of R927 000.
The price dropped slightly to R867 000 in 2012 but so far in 2013, both sectional title unit and freestanding home prices have begun to climb. Goslett says this can be largely attributed to the area’s growth and strong demand for property. He says property in the area consists of 50.83 percent freestanding homes, 37.26 percent sectional title units and 11.90 percent estates.
“The most sought-after properties in the area between May 2012 and April 2013 were those priced between R400 000 and R800 000, making up around 44.4 percent of all sales during that period. Properties that fell within the R800 000 to R1.5 million category represented 37.3 percent of the area’s sales, while properties below R400 000 represented 15.2 percent.”
Goslett notes that the smallest percentage properties sold were those priced between R1.5 million and R3 million, which represented just 3.2 percent.
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