How Sandton property demand and values are impacted by commute times
Did you know that easy access to highways or living closer to major transport systems and business districts can impact the value of your property? We take a closer look at the factors affecting property value and why you might dig deeper in your pocket for property for sale in Sandton.
If a short commute to work is your top priority when house hunting, you can expect to find limited options for affordable homes. This is because a house in a suburb close to transport systems and city centres is likely to fetch a higher price than those on the outskirts.
This is particularly evident in the rise of property values after the arrival of the Gautrain. According to data by Lightstone, the average value of property for sale in Sandton – along the route of the Gautrain – increased by more than 96% between 2010 and 2016 versus similar apartments in neighbouring Rivonia – only a short bus ride away from the station – where the average price rose just 59%.
“While many people still think that it is necessary to sacrifice preferred location to live closer to work and reduce commute times, a new breed of hedonistic semigrants are choosing to live in their ideal location and travel to their workplace during the week,” says Gareth Bailey, Pam Golding Properties.
A recent trend that has been taking shape is where families move from Gauteng to secure estates in KZN’S North Coast, attracted by the sub-tropical climate and nearby world-class amenities. The breadwinner would then travel to Gauteng during the week and return on a Thursday or Friday. These homeowners achieve their primary goal of living in a quality environment and, given the 10-minute trip to the airport and 1-hour flight to Gauteng, they don’t have to sacrifice much more than the average commute times experienced in the major cities.
For those looking to embrace the opportunities that Gauteng has to offer, it’s important to examine locations first. Buyers need to keep the property’s resale value in mind when hunting property and living closer to amenities brings lots of future investment potential.
