18 Jan 2013
The driving force behind the CID in Woodstock is transforming the historical part of Cape Town and the well known landmark Biscuit Mill development has been an influence in the regeneration of the area.
Woodstock now has an array of design, furniture, clothing, fabric and interior decorating stores and studios, as well as artisans thriving in the area.
Therefore, it is not surprising that there is an increased demand for properties, says Lanice Steward, managing director of Knight Frank Anne Porter.
Since the property prices collapsed, she says there has been a 66 percent increase in property prices, from a median price of R695 000 to R1 050 000 according to CMA Reports. These figures make it clear that while prices in many other areas of Cape Town have been slow, the values have still significantly increased.
Woodstock has charm and the Victorian architecture makes it picturesque and full of character. This historical suburb is a cultural asset and is one of the oldest in Cape Town, growing at the turn of the 19th Century from a small hamlet into what it is today.
Steward says it has become sought after by young professionals because of its close proximity to the CBD, train stations, bus routes and the N2 highway. “You have the convenience of staying in what is classed as Cape Town city but with a slightly suburban, quieter home.”
Knight Frank Anne Porter has been given a sole mandate to market a two bedroom, one bathroom home that has been renovated, says Steward. It is on the market at a price of R1 750 000. This property has two garages and the characteristic wooden floors and high ceilings, sash windows, fireplaces and an open plan living and kitchen area.
She says it is still possible to find a home under R1 million in the next suburb of Observatory. The prices of homes have not increased as dramatically as in Woodstock, but at 22 percent since 2008 to today, it is still a significant growth in value.
They also have a three bedroom, one bathroom house on the market at the moment at R950 000. It has a parking bay and 108 square metres of floor space, Steward says.
Homes are mostly semi-detached, but larger than the newer homes built today and Steward says most people who buy in areas such as these genuinely love their homes. "Nothing replaces the charm of an olde world cottage."
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