Upmarket Houghton targeted for residential redevelopment
February 2006
Residential redevelopment is the order of the day in Houghton, which despite its age is still one of the most sought-after suburbs in northern Johannesburg.
Property prices in the area are levelling off, says George Pappas, Houghton area agent for Chas Everitt International. "Entry-level properties on one acre stands now cost around R5-million, but at around R1000 to R1300/sqm, just the land value is in the region of about R4-million.
"And property developers have been quick to do the sums and target older
homes at the lower end of the price range for redevelopment. They typically
demolish the existing structures and build up to three cluster units on the
stand. Such units are selling at an average price of about R5-million each
and demand is brisk."
Existing homes in the middle range cost between R7-million and about R7,5-million - which will buy a stunning home in the colonial style, featuring four en-suite bedrooms, large entertainment areas, a double garage, two staff quarters, a pool and probably a tennis court, Pappas says.
Prime properties in Houghton sell for up to R15-million. Gracious homes in the top range typically offer 1000sqm under roof with luxurious fittings such as porcelain tiles, while gardens are manicured and include features such as gazebos and terraces.
"Leafy Houghton remains one of Johannesburg's prime and most sought-after residential suburbs. It makes for gracious living. The streets are quiet, yet some of the country's most upmarket shopping centres, such as Rosebank, Hydepark and Killarney, are within easy reach," Pappas says.
The suburb also offers places of worship across a wide spectrum of faiths and a new mosque is being built in Central Street. Top schools such as St Johns and Roedean are located in Houghton.
Issued by Chas Everitt International
For further information call Brenda Smith at
Chas Everitt International Bryanston on 011 463 2033
or visit www.chaseveritt.com