Cresta is a tight market in which any buyer who closes a deal should count themselves lucky for scoring in a near-impossible market. As of last week, only seven homes were on the market in the area.
The shortage of sale stock should be read as an indication of residents’ high satisfaction levels with their neighbourhood, argues Charlene Meyer, Randburg director for Century 21.
“I interpret the lack of sales stock as an indicator that, in general, residents are so happy in Cresta they do not want to sell.” Meyer says the homes currently on offer in the area are marked between R1.65 million and R2.65m.
“This supply and demand effect will positively affect the sales market in Cresta because the more supply there is, the cheaper it becomes. In this case, the scarcity of stock pushes up the prices.”
I interpret the lack of sales stock as an indicator that, in general, residents are so happy in Cresta they do not want to sell. - Charlene Meyer, director Century 21 Randburg
Picture: Supplied
With three-to-four bedroom homes selling in the region of R1.745m and the highest price achieved for a four-bedroom home in Cresta being R3.15m, those keen on moving into this sought-after neighbourhood can take heart from the fact that they can find a more affordable renovation project, says Meyer.
These homes can be had for around R1. 5m to R1.65m, she says, adding that buyers of such properties will still have room to capitalise on obtaining a good return.
“The rental market in Cresta is also in demand. This can be attributed to the surrounding Cresta commercial hub,” says Meyer. The appeal of the residential suburb took something of a back seat after the establishment of Cresta Shopping Centre in 1976, with the mall eclipsing the suburb in popularity.
This is all to the good, according to Meyer, who maintains that Cresta Shopping Centre’s status as one of the largest malls in the country enables homes to hold their value, thanks to all the commercial activity in and around the conveniently situated suburb.
“The prices in Cresta have stabilised somewhat and we can see from statistics that over the past 10 years, the average home price has increased by approximately R500 000,” says Meyer.
She notes that homes in the enclosed areas, which have security booms and 24- hour security with patrol vehicles, tend to achieve higher prices than those in the open sections of the suburb. Meyer says this is to be expected as buyers are generally willing to pay a premium for peace of mind as far as security is concerned.
Meyer advises prospective property buyers to look around until they find something to their liking as Cresta is unique, with the homes ranging widely in style and architecture. “This will be one of the biggest investments you will make so be sure you fall in love with the home.”
Prospective owners should ascertain the age of the home and the cost of renovations and alterations.
Riche Meintjies’s favourite places and things to do
We moved here after looking for property in the suburb for some time. What appealed to us was the good security. There are boomed off areas and patrols. The suburb is also quite
established, with some residents having lived in the area for more than 40 years. Needless to say there’s a great sense of community. It makes a world of a difference. - Riche Meintjies, resident
Picture: Supplied
1 Dominique’s Cafe
This is a popular eatery. They’ve got an absolutely full menu and you’re spoilt for choice. 244, Cresta Shopping Centre, corner Beyers Naudé Drive and Weltevreden Road, Cresta. 0114764215
Dominque’s draws visitors. Picture: Karen Sandison/African News Agency (ANA)
2 Thunder Gun
This is a phenomenal steakhouse within a few minutes’ drive of home. They serve the most amazing ribs. They’ve been around for more than 50 years. 281 Beyers Naudé Drive and Lewisham Road, Blackheath, Randburg. 0116787224
3 Gillard Park
People hold picnics there and it’s a great venue for get-togethers, family fun days and for celebrating traditions such as Halloween and Easter egg hunts. Gillard Drive, Cresta
4 HEALth-WorX
Medical Centre It’s handy for emergencies and they’re open until fairly late. B200, Cresta Shopping Centre, Weltevreden Road, Cresta. 0117311000
5 Plaka Restaurant
Offers vegetarian options and it is cosy and casual. U224, Cresta Shopping Centre, corner Beyers Naudé Drive and Weltevreden Road, Cresta. 0114780392
6 Mike’s Kitchen
Shop CGU03, Cresta Shopping Centre, Beyers Naudé Drive, Cresta. 0116781638