19 Nov 2012
Weltevreden Park, which means 'well satisfied', is popular among a range of people from young families, up and coming executives to retirees and those looking for community living that offers a relatively safe and tranquil lifestyle with facilities like communal parks.
It is a fairly large suburb and the properties are mainly complexes that have been built with much attention paid to trees, gardens, creating a feeling of space and gated communities.
Lightstone data shows more than 52 percent of property in Weltevreden Park is sectional title, with 44 percent of properties freehold homes.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says this ideally situated suburb, which is close to major highways and a range of amenities from hospitals and schools, to shops and entertainment hubs, is popular among a mixed group of buyers.
It is interesting to note that while 41 percent of existing owners are aged between 36 and 49 years old, 41 percent of recent sellers fall within the same age grouping, while more than 48 percent of recent buyers in the area have been aged between 18 and 35 years old. More than 35 percent of owners in Weltevreden Park have lived in their homes for five years or less.
Goslett says the biggest property movement is occurring in security estates as there is continuous demand and activity around homes priced within the R750 000 to R1.25 million range, and that activity around anything priced at the R2.5 million mark is quite slow.
Goslett refers to the Lightstone data which shows that from July to September this year, 23 full title properties were registered for transfer priced between R800 000 and R1.5 million. He says sectional title units priced between R400 000 and R800 000 seem to be most popular, with 55 transfers registered in the months from July to September this year.
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