Demand for property in Linden continues, fueled by buyers’ confidence in the market. There is, however, a shortage of stock which could be seasonal or attributed to sellers debating whether they should upgrade their current home or buy a new one.
Jawitz Properties agent, Colleen Tappin says that during the last three years, prices have adjusted to market values - based on position, condition, ambiance and accommodation. “Sellers, when deciding to price their homes, should take advantage of the information available on websites and in the media in order to get an accurate indication of the state of the market. After all, the market never lies.
“Unfortunately, some sellers still insist on pricing their properties based on the highest valuation – no matter how unrealistic. In the end they very often sell way below the realistic price which could have been avoided had they been more in tune with market. Correctly priced homes can change hands from one day to 18 weeks. It is really a matter of where the market sees value,” she says.
Despite the interest rate being at an all time low, 100% bonds continue to inhibit first time buyers from entering the market. There is no doubt that entry level buyers would benefit from putting down a deposit, even if it means renting and saving enough to secure a mortgage. On the other hand, banks, when considering loans, tend to look at the property market as a whole instead of researching demand in individual markets. Every suburb has its own dynamic.
“Contrary to popular belief there are no ‘bargain fixer-upper’ properties. Refurbishing and renovation comes at a considerable cost – so what at first might have appeared a bargain, in reality it is not. There are investor opportunities in the upper R1 millions, but they should always be mindful of renovation costs and should give the property sufficient time to grow in value according to market norms,” she says.
Majority of the homes in Linden are free standing with large gardens, but there is a choice of properties on offer in every price bracket.
At the upper end of the market, there is the popular iconic mini estate, Lindenwald (now sold out) that offered ten individual heritage homes, in keeping with the architecture of the suburb. The prices ranged from R2.550m to R3950m.
Prices in the middle bracket range from R2.2m to R2.8m and are always in demand. At the lower end, entry level townhouses (52 – 57 m²) with one and two bedrooms, open plan lounge, dining room and kitchen cost R 450 000.
“Linden has a lot to offer in terms of lifestyle. Known as the ‘family suburb’ residents enjoy the numerous parklands and bird sanctuaries, as well as the proximity to well establish English, Afrikaans and special-needs schools and a thriving business centre. A big plus is that many of the homes are 50 to70 years old, some of which have been recently restored by existing and new owners,” she says.