New development flourishing in big-ticket suburbs

New development is changing the face of several of Johannesburg’s leafy heritage suburbs now – and making them even more appealing to high-end buyers.

This six- bedroom, six-bathroom home in Atholl is currently for sale through Sotheby’s International Realty for R16m. It offers a spacious lounge, formal and informal dining areas, a separate TV room, state-of-the-art kitchen, fitted bar-room, fitted study, underground wine store, two luxury staff suites, three garages and a solar-heated saltwater pool set in a lush tropical garden. It also boasts many energy-saving features including heat pumps, solar geysers and underfloor heating, and there is separate two-bedroom cottage on the property, which has excellent security and a guardhouse.

In Atholl, Inanda and Illovo, for example, land is in huge demand at the moment for the development of upmarket cluster homes and boutique estates, according to Sotheby’s International Realty area specialists Arlene and Leon Carroll, who say many homebuyers here are also purchasing for position – that is, they are buying older homes on a large stand with the intention of demolishing it to make way for their dream contemporary mansion.

“Position, position, position is definitely the key driver of demand in these areas,” they say, “because they are so central to the Sandton, Rosebank and Johannesburg business centres, and close to the city’s best shopping venues, top schools and even the Gautrain network, especially for those who often travel abroad via OR Tambo International.

“Homes here have clearly become increasingly sought-after in recent years as resistance to long commutes in heavy traffic has grown and the tide of decentralisation to luxury estates on the outskirts of the city has been reversed. Here one can be close to everything while still experiencing a peaceful, ‘country’ atmosphere.”

However, they note, a shortage of homes for sale in these areas has been a constraint on purchasing until recently, with existing owners – quite understandably – being reluctant to sell. “In addition, many of the original homes are quite dated and difficult to renovate or retrofit to accommodate modern lifestyles and the ‘green’ features and energy-saving equipment now favoured by so many high-end buyers.

This large five-bedroom, six-bathroom home on a 4000sqm stand in Atholl is currently for sale through Sotheby’s International Realty for R25m. Recently refurbished, it offers a formal lounge, formal and informal dining rooms, a family room, home theatre, games room, chef’s kitchen and spacious covered entertainment patio leading to the landscaped garden and feature pool. It also has two staff suites, three garages and very good security.

“On the other hand, although there is quite a lot of land still available for new development here, it is relatively expensive compared to land in less central areas, and when home prices crashed following the 2008/ 09 financial crisis, it was just not viable for several years for developers to try to build and sell new homes here.

“This of course led to an even greater shortage of stock – and also ensured that prices rose as demand continued to exceed supply. And that has led, as it will, to existing owners becoming more willing to sell now, and to developers coming back into the area with fabulous new offerings to meet the demands of the affluent buyers who want to live here.”

And these buyers are a very mixed group, the agents say, ranging from top executives and professionals who want to live close to Sandton, through families that are upgrading to seniors that are downscaling. “Generally we find that the upscaling purchasers are looking to live close to the highly-rates schools in these areas and want homes with large, level gardens. Those who are downscaling and retiring tend to prefer cluster homes for convenience, while top executives generally focus on high security in boomed-off nodes with private access.”

There is no doubt, however, about the willingness of any of these buyers to pay a premium to live in Atholl, Illovo or Inanda. “The entry-level for these suburbs is between R4m and R5m, but the highest demand at the moment is for houses and cluster homes in the R6m to R8m price range, while homes in secure nodes and luxury clusters are selling well at prices from R12m to R25m, depending on their age, position and size.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us