Woodstock Property Values Have Increased Better Than Anticipated

Posted On Monday, 12 November 2012 14:49 Published by eProp@News
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CBD regeneration and the development of the frequented landmark Biscuit Mill Development has had a great influence on property values in Woodstock, Cape Town. 

Lanice Steward

Since 2008, when the property prices collapsed, Woodstock has seen a 66% increase in property prices, from a median price of R695 000 to R1 050 000 according to CMA Reports. On looking through these figures it is clear that while prices in many other areas of Cape Town have stagnated, the values here have still increased, and significantly so, says Lanice Steward, managing director of Knight Frank Anne Porter.

Woodstock has charm and, because of its Victorian architecture, is 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 called Papendorp into what it is today.

"Now Woodstock has become sought after by young professionals because of its close proximity to the CBD, train stations, bus routes, the N2 highway and other major routes," said Steward. "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 recently been given a sole mandate to market a two bedroom, one bathroom home in Woodstock that has been very tastefully renovated, said Steward. It is on the market at a price of R1 750 000.

This property has the bonus of having two garages (quite unusual for this area). It has the characteristic wooden floors and high ceilings, sash windows, fireplaces and a well proportioned open plan living and kitchen area.

Just a little way down the road to the next suburb of Observatory, she said, it is still possible to find a home under R1 million. In Observatory prices of homes have not increased as dramatically as in Woodstock, but at 22% since 2008 to today, it is still a significant growth in value.

"An example of this is one we have on the market at the moment at R950 000 that has three bedrooms, one bathroom, a parking bay and 108m² of floor space," said Steward.

"Homes in these areas, although mostly semi-detached, are usually larger than the newer homes built today and most people who buy in areas such as these genuinely love their homes. Nothing replaces the charm of an olde world cottage," said Steward.

Last modified on Wednesday, 12 March 2014 16:19

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