Joburg’s Northern suburbs offer good value for money

A quarterly report released by Pam Golding indicates that property within the northern suburbs is still good value for money, with great potential for buyers.

According to Bradd Bendall, the general manager of real estate operations for Pam Golding Properties, the property market is looking up and they expect a modest recovery in the property market throughout the year.

The report indicates property values around the city as well as potential areas for growth.

The inner city has been earmarked for considerable growth, especially among young, first-time buyers. Mayor Herman Mashaba, who has focused significant efforts on improving the Central Business District, said that he hopes this investment continues.

In many of the northern suburbs, the

R1.5 million price band remains very active as it offers value for money for those looking to enter the property market for the first time, as well as those looking to either upscale or downgrade to smaller properties.

“In certain suburbs, properties priced below R5 million are snapped up as soon as they are listed, with greater demand and activity taking place within the R1.5 million price bracket,” said Bendall.

Sectional title properties priced under R1.5 million are in great demand in suburbs including Morningside, Ferndale, Sunninghill, Paulshof, Pineslopes, Lonehill, Olivedale, Jukskei Park, Douglasdale and North Riding.

Midrand, which is more affordable when compared to other northern suburbs, offers accessible prices of R500 000 for studio apartments in Erand Gardens and Sagewood with one-to two-bedroom apartments priced from R750 000 in Carlswald, Vorna Valley, Halfway Gardens, Noordwyk and Country View.

“Properties priced below R5 million in some suburbs continue to sell within a short period of time, reflecting that Johannesburg does offer good value for money, despite this currently being a buyers’ market,” said Bendall.

These include Parktown North, Parkwood, Parkview and Parkhurst with prices ranging between R3.5 million and R5 million.

Established suburbs including River

Club, Parkmore, Petervale, Benmore Gardens, Rivonia, Craighall, Moodie Hill, Duxberry, Dunkeld, Orchards and Victoria offer value for money with a number of property types to choose from.

In these areas, sectional title properties are priced up to R2.5 million while cluster homes are priced between R3.5 million to R4.5 million.

Bendall added that a number of buyers also seek properties in secure estates which offer good security and lock-up-and-go convenience coupled with easy maintenance. For many, it’s really about lifestyle choices determining where they buy.

New developments such as Park Central in Rosebank and One on Whiteley in Melrose Arch, scheduled for completion in May 2019 and August 2019 respectively, continue to sell well as these areas are prime-located. Prices in these developments range from R2 million.

Steyn City is experiencing steady demand, and in this development, it is still possible for buyers to purchase vacant land and build their own dream homes, or they can choose to buy existing ones.

Here, vacant stands range from

R3 million to R17 million with current land prices ranging between R3 300/sqm to R5 200/sqm, which represents an average increase of between 18 per cent and 20 per cent since the development was launched in 2015.

Bendall noted that in the inner city of Johannesburg, areas such as Braamfontein, Bellevue, Bellevue East, Hillbrow, Joubert Park, Marshalltown and Yeoville remain sought-after as properties are accessibly priced with entry-level prices of R100 000 for bachelor apartments in Hillbrow, which is considered the most affordable of all the Inner City suburbs.

“With a young population steadily entering the housing market, 2019 is likely to see an increase in the number of first-time buyers, particularly in Hillbrow where prices are more affordable,” said Bendall.

Property prices in Bellevue East grew by 5.4 per cent in 2018 for homes priced below R650 000.

The median price of freehold homes in Bellevue East was R1.025 million in 2018, reflecting a healthy increase of 50.7 per cent over the past five years, according to Lightstone.

“Bellevue East is in demand as it is less congested when compared to Yeoville and Hillbrow which are the most densely populated, and have the highest number of people per square metre,” concluded Bendall.

Related article: 

https://www.citizen.co.za/midrand-reporter/210686/city-joburg-committed-developing-inner-city/

https://www.citizen.co.za/midrand-reporter/181160/pam-golding-properties-gives-back-to-botshabelo-babies-home-in-midrand/