Observatory, a savvy property investment

One of Johannesburg’s most established suburbs, Observatory, has recently been cited as a savvy investment for consumers on the hunt for property.

This according to Lew Geffen Sotheby’s International Realty, which described the suburb as offering potential buyers value for money, a convenient location and secure lifestyle.

Luciana Castellani, area specialist for estate agency, explained that the suburb was close to a variety of amenities and boasted predominantly freestanding homes on large grounds at a fraction of the price in comparison to its neighbouring suburbs. “In Observatory, it’s still possible to buy a solid original non-renovated house for between R1.5 million R1.8 million, whilst modernised family homes are generally priced between R2.5 and R4 million.

“Its central location is one of its main attractions, being closely situated to many top schools in Johannesburg, such as Sacred Heart, King Edward School and St John’s College, which are nearby and a stone’s throw away from a variety of cultural venues.”

Marco Castellani, also a partner area specialist, added that both the renovated and unrenovated houses were popular options for potential buyers. This, he said, was due to the accessible price point of the properties, which included younger, professional buyers with growing families. “Observatory is the suburb with the highest elevation in Johannesburg and homes with a view sell at a premium,” he added.

Lew Geffen, chairman of the agency, concluded by mentioning another strong drawcard was the continued maintenance of the suburb’s original character, adding that no commercial activity took place other than a few small businesses in converted old homes on the main roads. “Heritage homes are still a prominent feature and the suburb offers a family-orientated, old world, gracious lifestyle which fosters a sense of community that is reinforced by two well-managed boomed areas.”