20 Dec 2012
It is known for its 72-par golf course in the dip of the valley that was designed by Sid Brews, a South African premier golfer and well-known golf course architect. A number of stands have been sold to property investors and many houses built on the land.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says the property prices have continued to rise due to the area being among the most sought-after locations. Properties sell for between R1.5 million and R15 million, offering a large variety of property to investors looking for quality, upmarket homes.
Glenvista has also seen considerable development over the last few years, due to the influx of investment. A number of developments have been built and many older houses have been renovated, meaning the amount of property available to investors has grown.
According to Lightstone, 64.34 percent of the market stock available to buyers consists of freestanding homes, while 35.66 percent are sectional title units. The largest group of recent buyers are under the age of 35, pointing to the fact the Generation X group is making their presence felt in this particular market.
Approximately 36.9 percent of the recent buyers are between 36 and 49 years old. The majority of the recent sellers (43.53 percent) are between 36 and 49 years old, followed by those who are between 50 and 64 years old who represent 30.59 percent. A large number of the existing owners have lived there for 11 years or more.
Goslett notes the amenities such as the Glenvista Country Club make it popular among property investors and golfing enthusiasts. The Country Club is known as having one of the best courses in the Johannesburg area and boasts excellent facilities in an exclusive setting.
According to Goslett, demand for property has remained stable from 2008, with year-on-year sales figures reflecting similar numbers. Between December 2011 and November 2012, 91 freestanding homes and 71 sectional title units were sold in the area. Approximately 41 percent of the homes sold were from the R800 000 to R1.5 million price range, while 36 percent were priced between R1.5 million and R3 million.
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