Good public transport adds value to home prices
Category Blog
With reference to my opinion piece a fortnight ago - headed "Finally Sandton CBD is becoming a comfortable neighbourhood to live in"- there are further interesting observations that are relevant for buyers considering residential property both as investments and homes.
A big question right now is: are we heading into an oversupply period that could take a while to mop up? Probably, is my belief.
A far bigger, and more appropriate, question would focus on how the public transport system will cope with the concomitant upsurge in travel logistics as new developments continue to roll out in and around the so-called Sandton Square Mile and the Rosebank CBD area.
Both precincts are a frustrating traffic jam much of the time - and, in peak hour, hectic logjam takes hold.
Perhaps it is the developers of new commercial and residential projects that need to ratchet up the pressure on city councils to facilitate the easier movement of commuters, shoppers, and residents.
That would certainly be a big boost for property sales and rentals
Reliable transport a key to home value
These days, in many First-World countries, the value of an apartment on the outskirts of, or even within, a commercial node escalates in value if there is a reliable transport option.
Homes close to the London Underground (nicknamed "The Tube"), the New York City Subway (widely referred to as "The Trains"), and the dense network of trams, buses and trains in Zurich are all valued at premium price.
Against that background, buying a house in, say, Parktown North could be a far easier decision to make if you knew you could drop your car 100 or 200 metres away and catch a Rea Vaya bus into the bustling centre of Rosebank or Sandton.
But you cannot do that right now. You may just as well drive from Bedfordview in the knowledge that there is no benefit to being in Parktown North at this stage. Why? Because there is no Rea Vaya!
A two-year delay
The project is reportedly well behind schedule - so much so that it will seemingly take another two years before Rea Vaya fully rolls out into the Sandton CBD.
Meanwhile the modern, and, until now, unused traffic bridge that has spanned M1 motorway from Alexandra into Sandton's Katherine Drive for what seems like an eternity, is the only tangible sign that, in fact, it will happen...eventually.
Work on the small bridge across the Sandspruit - at the bottom of Katherine Drive - is another positive indicator.
The bottom line is that we shouldn't have cars on the road in the Sandton CBD during the working day. Everybody should be catching public transport - or even cycling.
That brings me to another point. What happened to the cycle lanes that were initiated, and implemented, a few years ago? Where are the cyclists? A cycle lane between Rosebank's Zone and Sandton City along Oxford rd/Rivonia Road would be convenient. I would use it!
Author: Ronald Ennik
