Prices on the up in Pinelands and Thornton

Buyer demand for homes in Pinelands and Thornton has increased significantly over the past two to three years as more buyers are seeing the potential the area has to offer, says Roger Lawrence, owner of Jawitz Properties Pinelands.

“The overwhelming demand for housing and the scarcity of supply of properties offered for sale have resulted in a steady rise in property prices,” he says.

“The average price of full title residential properties sold in Thornton increased from R1.175m in 2015 to R1.35m in 2016, and looking at just the first quarter of 2017, the average price was R1.4m.

“Average prices of sectional title properties showed a slightly smaller increase from R520 000 in 2015 to R535 000 in 2016, while the average price for the first quarter of 2017 indicates a much larger increase to R970 000.”

He says the average for this year in particular refers to sales in security complexes. There is strong demand for such properties particularly from elderly homeowners wanting to downscale to smaller homes offering secure living.

The trend in neighbouring Pinelands, where there are mostly freehold properties, has been similar but with a sharper increase. The average price of full title properties sold in Pinelands in 2015 was R2.66m, rising significantly to R2.94m in 2016, and for the first quarter of 2017 even higher to R3.1m.

“We have observed a sudden sharp increase in property prices this quarter because of the excessive demand and shortage of properties. When comparing property prices with other areas in the southern suburbs and City Bowl, for example, Pinelands and Thornton offer above average value to prospective homeowners, even with prices increasing. Because of their age, properties in Pinelands offer spacious living, bigger bedrooms and living areas as well as larger plots offering potential for expansion,” Lawrence says.

In addition to space and centrality, Pinelands and Thornton are renowned for green park areas and their quality primary and high schools.

Lawrence says Pinelands is one of Cape Town’s first Garden Cities, with wide and uncongested roads and green areas, creating a feeling of space between neighbouring properties.