Record transactions for Randburg as buyers take advantage of the low interest rate

Record transactions for Randburg as buyers take advantage of the low interest rate

Category Area Focus

The greater area of Randburg enjoyed record high demand for its well-priced properties over the last year, says Duane Butler, General Manager for Seeff Randburg. So much so, that transaction volumes hit an all-time high of 6473 transactions worth over R8.3 billion over the last year.

A key driver of the market is the affordability. He says the record low interest rate has enabled many more home buyers to transact over the last year. A major advantage is how well Randburg is located and that it offers many different suburbs and price points.

There are over 32 suburbs spread across Randburg. Most of these are residential along with some business areas.

Prices range from accessible entry-level properties for under R800,000 to lovely family houses with easy access to schools. These are priced from around R1.5 million for a basic two or three bedroomed house to around R2.8 million for a spacious family home.

There are also plenty for luxury buyers with homes ranging from around R4 million to R10 million in Northcliff and to over R22 million in the Eagle Canyon Estate. There are also many estates and retirement complexes.

Mr Butler says Lightstone market data shows there has been a notable influx of younger buyers over the last year. Where only 11% of current owners are under 35-years, some 42% of recent buyers fall under 35-years. A further 42% fall into the 36 to 49-year age group, comprising of predominantly professionals and families.

Market stock shows a good spread with 40% made up of freehold homes, 40% sectional title and the balance of 20% located in security complexes, estates and retirement complexes.

According to Lightstone data, the average price for freehold property is R1.5 million to R3 million, but prices can range to well over R10 million depending on the suburb and property itself. The average for sectional title property is around R1 million. Homes in estates average in the R2 million to R3 million range with sectional title in estates averaging in the R1 million to R2 million range.

Mr Butler further highlights that the greater Randburg area also has a very dynamic rental market with high demand for anything from basic apartments to luxury homes. Current rentals range upwards of R5,600 per month for a two-bed apartment dependant on the location. 

Townhouses and clusters go from around R10,500 and three-bed houses from around R12,500 per month. Rentals in the upper-end estates tend to range from around R17,500 for an apartment to R43,000 for a luxury home.

Johannesburg is known as the largest man-made forest in the world and most of the Randburg suburbs are very green during the summer with lovely tree-lined roads. There are many parks and green areas. Most homes have lovely gardens and family houses often have a swimming pool. Luxury homes in areas such as Northcliff also often come with home offices and tennis courts.

Residents enjoy excellent proximity to a great many arterials around the metro. These include the Western Bypass, Republic Road, William Nicol, Bram Fischer Drive, Jan Smuts Avenue, Malibongwe Drive, Weltevreden Road, 14th Avenue, and so on.

There are an abundance of retail and business nodes, and every neighbourhood has its own attractions and amenities. These range from community retail centres with grocery brands to fast-food outlets such as KFC, McDonalds, Burger King, Rocco Mamas, Nando's and many restaurant chains such as Spur and Ocean Basket. There are also many restaurants and nightlife to choose from.

Amenities abound to suit every need, from sport and leisure including golf, to fitness. There are plenty of hospitals and medical care along with boutiques and major shopping complexes such as Cresta, Northgate, Clearwater and several value centres. Residents are also close to the Fourways and Montecasino areas, as well as Sandton.

Randburg is renowned for its excellent choice of public and private schools. The area also offers easy access to tertiary educations institutions including the University of Johannesburg and Wits University, and a host of vocational colleges which now also offer degree courses.

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Author: 1159