HILLCREST HOMES UNDER R1 MILLION
The demand for entry-level homes under R1 million regionally continues to grow, and especially so in areas traditionally deemed too expensive by many 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.
Many developers have recognised the need to develop homes, within a secure managed environment, which are priced below R1 million and established reputable developers, such as the Rowles Group are adapting to these demands.
David Rowles, developer of The Woods explains, “In under a decade, the population has increased by 71%- this is really encouraging because it shows us that people are moving into the area instead of out of it. And the age range of homeowners covers a broad spectrum; 68% of recent buyers are under the age of 49 and 34% of recent buyers are under 35 years old. Even though it looks like buyer demographics point towards a much younger buyer than previously thought, 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.”
There have been over a thousand home transfers in the area in the last 5 years, with the sale of sectional title homes 48% higher than other property types, Rowles continues, “What we deduce is that, as the population grows so will demand; and buyer activity of late shows us that this demand is heavily swayed towards sectional title homes. The demand for sectional title homes goes hand-in-hand with the demand for being within secure surrounds, like residential estates and gated developments.”
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.
“Our newest development in Waterfall, The Woods, requires a comparatively lower home deposit in relation to current market rates in this case. 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.
He continues “Not only does The Woods offer homes for under R1 million with a low deposit, 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 manned Gatehouse, patrol guards and electrified fencing plus an extra tier of security with biometric and PIN code visitor access as well.
“The Woods provides a multi-layered approach to security, and we know for homeowners and families that this security provides peace of mind and makes a place to live, a home. Security equals comfort. But over and above security The Woods has great communal facilities, like 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 200 metres 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 1 and the potential for strong capital appreciation.
“With only a R5000 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; buying off plan as early as possible is always a financially astute decision. 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.” Rowles ends.
The Woods will have 211 units in total, with 60 released in Phase 1
Secure estate with manned Gatehouse
Biometric and Visitor PIN Code access
Fibre to the home
Adjoining forest area
Pump track for bikes
4 dedicated kids’ play parks with swing set, climbing frame and slides
Clubhouse with kitchenette area and toilets
Pool and braai pods at Clubhouse
Big screen projector and multi-use space (with patio extension for events) at Clubhouse
Outdoor Trim Park gym