Widespread value for money insulates Randburg property market from the worst of financial woes

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“Whether you are a first-time home buyer looking to obtain an entry level property at under R700 000 or whether you are looking for a home in an exclusive estate where prices can go up to R20 million or higher, you will be able to find exactly what you are looking for among the diversity of suburbs in Randburg”.

Hajec continues that middle-income families are especially spoilt for choice where value-for-money homes priced between R1.5 and R2 million are abundant in popular areas, typically characterised by established tree-lined streets, excellent proximity to shopping centres, restaurants, vibey café districts, sought after schools and top class medical facilities.

“Big, full title properties with amenities like pools, large stands, domestic accommodation, granny flats, home offices and even tennis courts in some instances can be found in many Randburg suburbs for just under or over the R2 million price point.

Most Randburg suburbs inside the N1 ring road (like Melville) are characterised by predominantly older housing stock that often needs work done, but also offers fantastic renovation opportunities which provide quick equity to industrious homeowners, while suburbs outside the ring road are generally newer and more likely to offer open plan living areas and more modern updates.

Between R1.5 and R2 million can buy you a living experience in Randburg that suits almost any personality, ranging from bohemian Melville to the comfortable family oriented suburbs of Randpark Ridge and Weltevreden Park with everything in between.

Areas like Ferndale, Blairgowrie, Sundowner, Jukskei Park, JHB North, Sharonlea, Olivedale and North Riding (to name but a few) offer many opportunities between R1.5 million and R1.8 million, but if you had R2 million to spend you could easily pick up something that is of superior quality that offers many extras”.

Hajec continues that Blairgowrie is the perfect example of a suburb with large, full title properties right next door to Sandton where you have proximity to shopping centres and great restaurants, but the median price point is only R1.8 million.

“There are only a few suburbs in Randburg where the median price point of full title homes exceeds R2 million. They include Linden, Fairland and some sections of Northcliff, but there are still opportunities below this price mark as well.

Linden has become a booming and increasingly sought-after market and was in fact one of the few suburbs in greater Johannesburg that increased in volume of sales from the previous year despite the economic downturn which has affected other similarly priced suburbs negatively.

The vibrant café and boutique shopping culture and excellent Afrikaans schools coupled with low turnover and the development value of land reaching parity with the value of existing homes has made an already popular suburb even more desirable.

Randburg is developing this dynamically and retaining strength in its property market due to its perceived value and affordability, which come without having to sacrifice any of the amenities which Joburgers have come to expect as pre-requisites afforded to them in their daily lives”.  

Hajec adds that property in estates represents 18% of the total units sold in Randburg in the past year, but nearly 26% of the rand value. 

“While there are exceptionally expensive estate like Eagle Canyon, Waterval and Brooklands, the vast majority of estate properties in Randburg are sold for between R1,150,000 and R2,075,000 and all new construction of estate developments are in this affordable price range”.

Hajec concludes that the suburbs in Randburg to invest in at the moment definitely include Northriding that is currently the epicentre of first time home buyer activity and affordable middle-income development and areas like Sophiatown and Albertsville still offer freehold property for below a million, but are predicted to undergo the same significant gentrification as the Meldene area of Westdene.

“Suburbs in which property sell the fastest in Randburg, include Weltevereden Park and Roosevelt Park  where average days on the market is just under 30 days when priced correctly.

Author: Seeff

Submitted 15 Jan 18 / Views 393