Centralized location near shopping malls and schools
Northgate/ Northriding flying in the face of sentiment
Northgate/ Northriding is seemingly bucking national property trends as demand for property in the area remains strong. That’s the news from Greg & Grant Wilson of Chas Everitt which services the area. The latest SAPTG report on the area backs up Wilson’s comments. To date, 88 sales have occurred in the area in 2011. This isn’t far off the area’s 2010 figures of 92 sales. What is more, Northgate/ Northriding has maintained a fairly similar sales ratio since 2005. Wilson says Northgate/ Northriding’s popularity can be attributed in large part to the fact that the majority of the suburb comprises affordable Sectional Title properties. According to SAPTG statistics, just over 97 percent in point of fact. Wilson says the land that many of Northgate/ Northriding’s properties currently occupy originally formed part of a large farm. Around 15 to 20 years ago, Wilson explains that the land was put up for sale which was quickly snapped up by developers who identified the area as a growth zone. Many of the Sectional Title properties currently in existence today came about during this period.
Units in the area typically measure approximately 65sqm’s, feature one or two bedrooms, a small garden, open plan kitchen and car port. These units are usually put on the market at between R400 000 and R600 000 with the most expensive units selling for R1, 2m. SAPTG statistics place the current average sales price at R566 000 which is up from 2010’s average of R544 000. And bargains aplenty are currently to be had says Wilson. “During the years preceding the fallout of 2008, a number of investors overextended themselves by purchasing buy-to-let properties in the area. In the years since, these investors have found that they can no longer afford said properties and have put them on the market at cost simply so they can sell them quickly.” Wilson cites Northgate/ Northriding’s locality as another reason why it has remained so popular over the years. “Northgate/ Northriding is centrally located and residents can reach their places of work in Randburg, Sandton, Lonehill, Lanseria and Kya Sands with ease. Indeed, many people move to the area primarily because of this reason.” The profile of those who buy in the area attests to this. According to SAPTG, approximately 60 percent of new buyers to the area fall into the ‘youth/ adult’ bracket of 18 to 35 with just starting out on the corporate ladder.
The fact that Northgate/ Northriding is surrounded by retail outlets further bolsters its appeal explains Wilson. Northgate/ Northriding Shopping Centre, Banbury Cross and Bel Air are within walking distance of many of the developments and a number of schools including Sharonlea Primary School and Saint Mark’s Anglican lie within easy reach.
Appealing views also come part and parcel with living in Northgate/ Northriding adds Wilson. “Much of Northgate/ Northriding is spread over a hilly area which affords those who live there sweeping views of Sandton and Randburg.”
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