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Budget-friendly property options in Gauteng’s Weltevreden Park

17 Jul 2018

A growing number of residents in Weltevreden Park in Gauteng’s Roodepoort are buying homes with their immediate family members in an effort to cut down on costs.

Lauren Wilmot, an expert for Adrienne Hersch Properties Area, says this trend has grown in popularity over the last two to three years in the face of the rising cost of living and a volatile economy.

This five bedroom, three bathroom home in Roodekop Weltevreden Park, offers a study room, two reception rooms, sparkling pool and a wrap-around garden. It is on the market for R1.979 million - click here to view.

“This has resulted in different generations of the same family deciding to pool their resources to buy a single property for them all to share. For many young, first-time buyers this is the quickest path to homeownership. These buyers find that this does not only reduce costs, but offers young families more space and increased support from immediate family members,” she says.

“This trend has resulted in many homeowners in the area doing alterations on their homes, with many adding cottages and extra rooms to be used as a teenager pad, granny flat or work-from-home space.”

Wilmot says the average buyer in Weltevreden Park is between the ages of 30 and 40 years and looking for a home with three bedrooms, two bathrooms and garden area to expand into.

“The area has also recently seen an influx of younger, working-class first-time buyers. These are typically young professionals in their mid-20s who work in areas such as the Sandton CBD where starter homes are out of their price bracket, and many of these buyers want to start a property portfolio,” she says.

“This enables these buyers to start a passive income and grow their financial portfolios in an area that is predictable in its values and financial growth, making for a sound investment.”

Additionally, Wilmot says several Afrikaans families have recently moved to the area from Pretoria, with the Laerskool Fairland growing in popularity.

This house in Roodekop, Weltevreden Park, has an expansive patio, three bedrooms, two bathrooms and a double garage. It is on the market for R1.65 million - click here to view.

“Weltevreden Park is well known for offering excellent value for money, for both sectional title and freestanding homes, particularly as home prices in the surrounding areas of Northcliff, Constantia Kloof and Randpark Ridge continue to climb, creating a barrier for first-time buyers.”

She says starter apartments in a decent three-storey stacked complex with two bedrooms and one bathroom can go for as low as R480 000. A family townhouse with three bedrooms, two bathrooms and two garages will range between R900 000 and R1.4 million for around 220sqm underroof with 24-hour security in a well-established complex.

Wilmot believes a new luxury market has started to emerge in the area, with bigger more luxurious homes starting in the R1.8 million range, and recently showing growth into the early to mid R2 million mark. These homes typically have more luxurious or upgraded finishes, four bedrooms or more and additional outbuildings.

“Weltevreden Park is evenly split between sectional title and full title homes, with 51% of the properties being full title,” she says.

“It is interesting to note that the sales in the area reflect this exactly with an even split in sales. During the first half of 2018, there were 104 full title sales and 111 sectional title sales.”

Wilmot says prices in the area have seen steady growth over the past decade.

“A smaller freestanding home with three bedrooms and two bathrooms would have cost roughly R 980 000 in 2008. Today, the same home would fetch between R1.4 million and R1.5 million, depending on finishes and position.”

Wilmot says the suburb is becoming more and more popular year on year.

“I am a proud resident agent, and firmly believe in the offerings of the area and what it stands for. Weltevreden Park is a well-loved neighbourhood with residents who look out for each other,” she says.

“It offers residents great amenities, including several public and private schools, religious institutions, entertainment opportunities, easy access to two N1 offramps for daily fast-paced living and is on the doorstep of the exquisite Walter Sisulu Botanical Gardens.”

 

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