16 Aug 2013
Although the property investing public is only becoming aware of the fact now, a total transformation is taking place in Jukskei Park and this is working much to the advantage of those buyers who are spotting the trend and investing.
This is according to Roger Mortlock, the Rawson Property Group’s franchisee for Douglasdale and its surrounding areas, who says only a few years ago Jukskei Park’s image was that of an area in which crime was rampant and a fair number of the 1 700 homes, which are mostly single storey, freestanding houses on their own stand, were down at heel and in need of an upgrade.
However, he says all that began to change around three and a half years ago when bodies representing the local residents teamed up with the police and a private enterprise security company, RRS, to bring about change. He says the teamwork has proved to be highly effective in bringing about positive change.
At roughly the same time, Mortlock says a new wave of buyers began to move into the precinct, intent on upgrading their houses. He says this has had a marked effect.
“I can point to numerous houses that have recently been improved. This works to the benefit of the owners because they can, with a renovation investment of say R300 000, easily add a much larger value to their home. We have seen houses bought for R1.5 million selling only a few years later for R2.5 million.”
He says the trend also, however, works to the benefit of new buyers because they can now move into a home which is chic, efficient, modern and attractive in a way that few Jukskei Park (or Douglasdale for that matter) traditional homes were previously. Jukskei Park is also more attractively priced than nearby areas such as Douglasdale and Fourways, he says.
“Not surprisingly, therefore, we are finding that homes in Jukskei Park often sell faster than those priced at the same level in Douglasdale. We are also seeing homes sell for over R2 million, which would have been impossible a few years ago.”
Mortlock says this year they have had 21 sales in Jukskei Park, which is an estimated 70 percent market share for the area. “We have also been greatly encouraged because the banks are approving around 70 percent of bond applications in the area and we have had a few 100 percent bond grants. It is now evident that the banks are seeing increased value in Jukskei Park.”
About 15 percent of the Rawson Property Group’s clients in this area, he says are now buy-to-let investors, many undertaking renovations in the way described. The Douglasdale team work closely with renovators, advising them, from their sales experience, which new features appeal most to potential buyers.
In view of the ongoing demand in the area and the total lack of new land for development in Jukskei Park, Mortlock is now predicting that year-on-year price rises at Jukskei Park will be in the region of seven percent.
He says the only factors holding them back from rapid growth are stock shortages and the high percentage of bond applicants (currently around 30 percent of the total) who have their applications rejected, often despite a valiant attempt to pre-qualify.
Mortlock says he has always had a deep faith in Douglasdale and its surrounds. “This is based on the area’s track record, despite the severity of the recent recession there has only been one year, 2009, where we saw negative growth in this precinct. This is an excellent place for a property investment.”
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