The historic north-central Johannesburg suburb of Killarney is one of the few areas that has seen an upward trend in property prices over the last year or two. One and two-bedroom apartments that originally sold for between R200 000 and R500 000 have more than doubled in price. A magnificently renovated apartment in a heritage building recently sold for R20 000 per square metre — a record for the area.

According to the South African Property Transfer Guide the average price in Killarney on 31 May 2007 was R798 000. This rose to R880 000 on 31 May 2008, while holding steady up to the present.

Located in the perfect spot for a complete lifestyle, Killarney is an area offering some of the best residential investment opportunities in South Africa.

Killarney offers investors opportunity

According to Jonny Novick, managing director of Vered Estates, Killarney offers investors the opportunity to unlock value through the upgrading and renovation of apartments in existing residential developments.

Jo Morreira, Vered’s specialist estate agent selling in the suburb, says Killarney has always been one of Johannesburg’s most sought after residential locales. Originally owned by an Irishman, J.O. Cook, the suburb was named after Killarney in Ireland and prior to being developed, was described as 'an orchard, a paradise, a picnic spot and a home'.

The suburb is a mixture of architectural styles, ranging from art deco (Gleneagles and Daventry Court) to Edwardian (Whitehall Court) to more modern developments, such as the R120-million New Splice Riviera — an up-market mixed-use development, offering residents a wide variety of services and recreational environments.

Plenty of upside left

However, Morreira believes there is still plenty of upside left for new buyers in the area.

"The prices per square metre are still reasonably attractive compared to some of the nearby suburbs. It is a great location, close to highways, schools, parks, hospitals, the CBD and Rosebank. The suburb is also home to the Killarney Mall, which post its R95-million revamp has become one of Gauteng’s top shopping destinations."

The suburb of Killarney boasts some appealing views and landmarks such as the eco-park, Killarney Wilds, Killarney country club, Johannesburg zoo and the military museum. Views from apartments on the Killarney Ridge go as far as the Magaliesburg, Northcliff and Pretoria.

Easy access to Gautrain station

Killarney will also have easy access via the proposed Bus Rapid Transport System to Rosebank’s soon-to-be completed Gautrain station, which will have a strong bearing on this area.

According to Morreira, the suburb has also gotten tough on crime, with the New Killarney-Riviera Association recently joining forces with Security Consultants and Advanced Implementations to maintain and manage crime-prevention cameras and security guards in the area.

She says Killarney is perfect for owners requiring a lock up and go lifestyle in a secure and compact environment close to shops and hospitals. "Owners in the area include retirees who have moved from large family homes to a more secure and compact environment, young professionals and renovators who enjoy the high ceilings and large spaces that most Killarney apartments offer. The proximity of the suburb to both WITS and the University of Johannesburg also means that many parents buy apartments for their student children.

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