According to deeds office data this Johannesburg has on average seen 1,53 transactions per month over the past two years. The area is predominantly freehold, and this is confirmed by the more than 90% successful transactions registered.
"Waterval is a small suburb with approximately four streets, so there are not many sales taking place," says Sergio Hidalgo of Wendy Machanik Properties. Sergio has been area specialist for Waterval Estate for the past six years, and he believes the properties in the area – some on stands of up to 2,000sq m – are good value for money when compared with similar properties a couple of kilometres away in Northcliff.
A three-bedroomed property currently on the market at R1,7m with two garden cottages and all amenities would probably cost R2,5m in Northcliff, says Sergio.
"It's a great area because of its location which is central to almost everything," he says.
Asked about crime in the area, Sergio explained that the area enjoys the overflow of an ADT initiative currently being run in Northcliff with guards on bicycles that are linked by radio to the control room. "Crime is mostly petty, such as theft out of cars parked on pavements and removal of gate motors," he says.
The area is almost entirely freehold, with one or two older complexes but nothing else in the way of sectional title, which explains the lack of sectional title transfers over the past twelve months.
"No houses have come on to the market for sale since last year, and even then we only saw six or seven properties," says Marcel Pols, estate agent for Seeff properties. Pols adds that otherwise there is not much else. Waterval Estate lies in a horseshoe, and the 285 or so properties within the area rarely come on to the market.
Total sales in the area have hovered around the R1,5m mark, and have recently fallen due to the lack of properties to sell.
The average free hold price since January 2007 was R844,447, and the average sectional title offering was R576,333. Waterval Estate has seen 84,62% of the transactions in the area since April 2005, and Waterval 211-IQ has only had two transactions this year, whereas Waterval Estate has had five, according to deeds office data.
The average freehold property prices have fluctuated over the past two years between R700k and R1,2m. As of April 2007 the average property price in the area dropped significantly, resulting in its lowest average freehold prices to date. By James Monteiro
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