Why buy in Edgemead
Category Suburb Focus
Reasonably priced, centrally located properties in Cape Town can be hard to find. Especially if you’re looking for a home with easy access to the city’s major arteries, shopping centres, hospitals and schools that won’t break the bank.
Situated to the north of town Edgemead is an area worthy of a home buyer’s attention. The reason being that it’s got it all: the right location – its 15 kilometres from the city centre and 15 kilometres from the Cape Town International airport respectively. It is one of several garden cities in South Africa and as such is noted for its trees and gardens. Facilities include a primary school and high school as well as access to more in the surrounding areas. Panorama hospital is also easily accessible. In short it’s a great locale to raise a family.
Importantly the suburb offers a good range of property prices from R400 000 up to R3 million. The average price for a freehold in 2011 was R1.18 million and R726 000 for sectional schemes. This means that first time buyers can enter the market in their desired area and can scale up as their finances allow. “We find that people buy in Edgemead and prefer to stay in the area, opting to buy a new home here as well”, says Peter Fourie, Principal of Leapfrog Edgemead. Lightstone Property Analysis confirms this finding with figures showing that the majority of owners in the area remain in their properties for eleven years or more.
The demand for property in the area is good news for current home owners and, while fewer of them have been selling, the average value of a freehold sale has gone up from R163 594 in 2010 to 175 820 in 2011 according to Lightstone. Average sectional scheme sales values have dropped from R21 120 in 2010 to R17 424 in 2011 – which creates opportunities for potential buyers, if they can snap up the properties quickly enough.
It would seem that this is the case not only because of the range of property prices but, also due to the closely knit community that lives there. A glance at the community diary reveals a plethora of clubs from running to scouts, tennis to badminton and a bowling club. The area has a good mix from starter families right up to senior citizens. This neighbourly spirit also finds expression in the Edgemead Neighbourhood Watch which is fully operational and is registered with the Department of Community Safety (DOCS).
These factors combined form a solid base for the local property market which, according to Fourie is looking up, “We’re seeing a definite increase in property sales values from 2010 and 2011 and believe that the demand will increase as people look for a safe, centrally located community to set up house in, which is exactly what Edgemead offers.” In fact, Fourie is so confident that the franchise is recruiting more agents for 2012.
21 February 2012