Development offers affordable homes

THE demand for entry-level homes under R1 million regionally continues to grow, especially 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.

Developers have recognised the need to develop homes, within a secure managed environment, which are priced below R1 million and the Rowles Group are adapting to these demands.

David Rowles, developer of The Woods explained, “In under a decade, the population has increased by 71 per cent – 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 per cent of recent buyers are under the age of 49 and 34 per cent of recent buyers are under 35 years old.

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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 more than a thousand home transfers in the area in the last five years with the sale of sectional title homes 48 per cent higher than other property types.

“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,” Rowles said.

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.

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“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 as there is a huge demand from families wanting to live here but the right product wasn’t necessarily available,” said 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.

“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.

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“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,” said Rowles.

Located only 200 metres from Watercrest Mall, location and convenience are drawcards for many, as is the proximity to schools and various entertainment and family-friendly amenities in the area.

The Woods offers a good rental yield from 8.6 per cent in year one and the potential for strong capital appreciation.

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