Woodstock: Invest in Cape Town’s Fastest Growing Residential Market
Category The Property Market
Central Cape Town has undergone significant transformations over the past few years, resulting in a big spike in demand for properties in the area. This, in turn, has facilitated the regeneration of suburbs that were previously neglected and not viewed as investment destinations. One such suburb is the vibrant mix-use node of Woodstock.
Due to the abundance of historical landmarks and buildings, cultural activities and creative shops — like the renowned Old Biscuit Mill — Woodstock provides residents with a bespoke ambience, delightful character and uniquely diverse property market. Gaining the status of a creative hub of business and trendy residential area.
Woodstock’s Property Market Growing Rapidly
The face of Woodstock has undergone extensive changes, as young professional home buyers take advantage of the well-located homes and apartments to be found here. And with proximity to the City Bowl becoming an important selling point, Woodstock’s position, close to the CBD, N2 and transportation options, has made it a popular spot for a more youthful buyer demographic. With 39.3% of recent buyers falling between the ages of 18 and 35.
Apart from its convenient location, the continual growth of this precinct can be ascribed to the successful mix of residential, commercial, artistic and social factors that have been achieved in Woodstock. Attracting a broad range of investors, home buyers and tenants.
The increased real estate activity is notable when comparing the property values from a decade ago until now. According to recent statistics, the average sales price for homes in Woodstock came in at R 820 000 in 2009 and rose to a staggering R2 165 000 in 2017. Even with the escalation in price, many prospective buyers still feel that Woodstock remains more cost-effective than the Atlantic Seaboard and the inner CBD - driving the demand up even further.
Another component, adding to Woodstock’s appeal is that this suburb has been identified as an Urban Development Zone (UDZ). Providing a tax break for developers, small land purchasers and those who aim to upgrade the area.
Fantastic Investment Property Available in Woodstock
Because of the ever-intensifying demand, properties in this area rarely become available under R1m, with the predominant amount of available stock on the market averaging at R1.7m for a one bedroom apartment and R4.8m for a home with five or more bedrooms.
Currently available from Knight Frank Properties is a two bedroom apartment, listed in upper Woodstock listed at R2 195 000. Located in a prime apartment complex on the popular Salisbury Road, this large top floor unit is a rare and exciting opportunity to invest in this node’s exploding property market. Offering easy access to Cape Town’s CBD, MyCiti bus route and the N2 - residents are within walking distance from a host of entertainment and lifestyle venues. This abode has a generously sized living room and bedrooms with mountain views, a well-equipped galley kitchen with views of the harbour and a full family bathroom.
With proximity to transport options, primary arterial routes and a lively property market - Woodstock promises to grow even further, as a sought-after Cape Town suburb. If you are interested in buying a home in this node, contact Knight Frank today and find the perfect investment property in Woodstock.
Author: Knight Frank