An overview of the Johannesburg property market

Johannesburg is often cited as the number one city in which to live and work in the country. Everything you’d want in terms of culture, dining, shopping, education, can be found in the city. But, how easy is it to step onto the property ladder in the City of Gold?

Property trends in Johannesburg have shown positive growth in value and there is a shortage of stock currently in the market. Residential homes have experienced a constant rise with apartments outperforming the residential properties in value growth. The average asking price for property for sale in Johannesburg, for homes are between the value of R1.5 million to R3 million – area of purchase and property specs dependant, of course.

Considering that Johannesburg and Pretoria are set to become a polycentric urban region this will make it one of the largest cities in the world.  Naturally, there is a vast range of property types and prices in Gauteng, with Johannesburg and Pretoria housing some of the country’s most expensive homes in suburbs such as Sandhurst, Hyde Park and Waterkloof.

“These main attracting cities have caught the interest of home buyers and investors wishing to grow their portfolio interests in both of these historical cities. Both offer the diversity of settling down or growing your investment in to the ever expanding and upgrading suburbs” said Craig Hutchinson, CEO of Engel & Völkers Southern Africa.

Despite its nickname, gold is no longer the primary commodity upon which its GDP relies. Johannesburg’s economy is now balanced across a variety of sectors such as finance, business and industry.

With a broad spectrum of choices on the property front, Johannesburg is one of the most appealing markets in the country, if not the continent, and now would seem to be a perfect time to jump on the property bandwagon.