Parkwood is a well-situated suburb tipped to benefit from its ideal location close to more affluent suburbs as the latter continue to expand. This is a view shared by realty watchers, including Jonathan Davies, Gauteng regional director for Tyson Properties.
He contends that Parkwood’s proximity to suburbs such as Saxonwold, Rosebank and Sandton has a positive effect. “First, Parkwood is a known destination suburb, with good growth, that has been a popular address for buyers historically.”
He observes that Parkwood offers good future growth potential as Rosebank and Sandton grow. “It’s centrally situated, making it ideal from a commute perspective.”
Parkwood is ideal for people who appreciate the character of homes from a bygone era, many of which have been successfully modernised to cater for contemporary living. - Brad Neille, director/manager Tyson Properties Sandton
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His colleague Brad Neille, director and manager for Tyson Properties Sandton, concurs, citing Parkwood’s proximity to the Rosebank Gautrain station, the Joburg CBD and good private and public schools among the suburb’s positive attributes.
For these reasons, Parkwood is favoured by buyers such as executives working in Rosebank and families seeking to be close to reputable schools like Parktown High School for Girls and Roedean, says Neille.
It is little wonder Parkwood has stayed buoyant in a somewhat tight property market, notes Davies, who adds it has not shown the drop-off levels noticed in other suburbs in and around Joburg.
The median price in Parkwood for last year was about R3.9 million, after a decline in 2017 from a high of R4.6m in 2014, while that for a two-bedroomed apartment was R1.6m, down from a 2017 high of R1.8m. Last year, Parkwood recorded 58, mostly freehold, sales for a total of just under R190m, says Neille.
“The highest price achieved last year was R7.1m for a home in Sussex Road. This is some way off the record price for the area to date,” says Neille, who adds a record R9.8m was achieved in 2014 for a freestanding home in Rutland Road.
“It is unusual for a home to achieve more than R7m in the current market, as homes in historically preferred suburbs, such as neighbouring Saxonwold, can be purchased at that level and offer larger stands.” The differential between initial asking price and final selling price is around 15%, says Neille.
Of the 50 homes on the market in Parkwood, 40 were freestanding homes, ranging in price from R2.8m to R7.5m on 1000m² of land, and the others were one and two-bed sectional title apartments, marked between R1.4m and R2.5m.
The area that lies between Jan Smuts Avenue and Oxford Road, or “Upper Parkwood“, continues to achieve higher average prices than “Lower Parkwood”, probably owing to the former’s proximity to Saxonwold and the business hub of Rosebank.
Neille says: “Parkwood is ideal for people who appreciate the character and charm of homes from a bygone era, many of which have been successfully modernised.”
Tessa Turvy’s favourite places and things to do
We’re trying to create a sense of responsibility for the spaces that we use as residents of the “Parks” area (Parkwood, Parktown North, Parkhurst, Parkview etc). The primary reason for moving into the area was that I was enchanted by the beautiful, tree-lined streets and the environment it encompasses. It’s good for exercising, running and family walks. It’s a lovely community to live and work in. - Tessa Turvy, resident
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1 Coalition Pizza Park Corner
Great cocktails, cosy, casual. 2 Bolton Road, Parkwood. 010 900 4987.
2 Fernhead Park
They’ve got a wonderful jungle gym area and there’s also a tennis court. It appeals to the local community. It’s a beautiful lush, green piece of Joburg. 25 Blandford Road, Parkwood.
3 Zoo Lake
We go there for walks and there’s lots to do. There’s also a restaurant. My son Rolo was in the news recently for painting the benches at the lake. Cnr Jan Smuts Avenue and West World Street, Parkview. 011 483 1017.
4 Social Parkwood
This is a lively restaurant, suitable for after-work drinks. Cnr Bolton Road and Jan Smuts Avenue, Parkwood. 011 327 6104.
Social Parkwood is good for drinks. Picture: Supplied
5 Saigon Suzy
This popular restaurant is next door to Social Parkwood. It is known for its very trendy vibe, great atmosphere and the Asian food they serve. 144 Jan Smuts Avenue, Unit 1 Parkwood Mansions, Parkwood. 011 327 6596.
6 Park Café
Recommended for coffee, cake or light lunches. Cnr Jan Smuts and Wells avenues, Parkwood. 011 447 0250.