AFFORDABLE, SECURE HOMES FOR FIRST-TIME BUYERS AND YOUNG INVESTORS
The demand for entry-level homes under R1-million regionally continues to grow, especially in areas traditionally deemed too expensive by buyers in the entry-level homes market. Hillcrest, and consequently Waterfall, has seen exceptional growth not only by way of sheer population increase, but also in the demand for sectional title homes.
David Rowles, developer of The Woods, a brand new Waterfall development, explains. “In under a decade the population in the Upper Highway area has increased by 71%. And the age range of homeowners covers a broad spectrum; 68% of recent buyers are under the age of 49 and 34% under 35. Even though it looks like buyer demographics point towards a much younger buyer, there is still a hefty portion of stable owners between 50 and 64 years old who have remained here – showing that the attraction of the area still exists.”
With an unwavering demand, many potential buyers have been alienated by area price points and other barriers to entry such as proportionally high home deposits. But now that developers are seeing the untapped value of this market sector, many have been forced to find a way to make buying a home more accessible. “By removing the historic barriers to entry, we are designing ways to encourage home ownership to many previously excluded potential buyers. People have always considered the Upper Highway area as inaccessible with high value homes being bought and sold. This really isn’t the case, there is a huge demand from families wanting to live here, but the right product wasn’t necessarily available,” says Rowles.
With homes priced from as low as R649 000, The Woods has already seen exceptional interest and is setting a trend for new sectional title homes in the area. The estate is also designed to save homeowners money with the addition of several green living elements like smart meters in each unit, low-flow taps, dual flush cisterns and ambient day-night lighting in common areas.
As a gated estate, The Woods has beefed up security with the obvious factors in place – such as a manned gatehouse, patrol guards, electrified fencing and biometric and PIN code visitor access. “The Woods provides a multi- layered approach to security, and we know for homeowners and families that this security provides peace of mind and equals comfort,” says Rowles. The Woods also offers great communal facilities – such as the clubhouse, pool, braai pods and kids’ play parks – to foster community interaction and for families to enjoy time together in the safety of the estate. “The attractiveness of The Woods is further strengthened by other compelling factors such as its pet-friendly policy,” says Rowles.
Located only 200m from the already-established Watercrest Mall, location and convenience are draw cards for many, as is the proximity to schools and various entertainment and family-friendly amenities in the area. With property as an asset class that is growing in South Africa, investors are also keen to get into property like The Woods – which offers a good rental yield from 8,6% in year one and the potential for strong capital appreciation. “With only a R5 000 investment, and the ability to earn the capital appreciation between reservation and transfer, The Woods appeals to a broader range of buyers, including first-time homeowners and younger investors. By removing barriers to entry, we are in effect creating new opportunities and opening up a new sector in the property market, and we are certainly seeing the value in bringing developments to market which appeal to multiple market sectors,” says Rowles.
FOR MORE INFO
The Woods will have 211 units in total, with 60 released in Phase 1. Contact taryn@rainmakermarketing. co.za to find out more