Woodmead’s residential market on the rise

Johannesburg’s increasing traffic congestion, which often has residents getting home long after they have shut their computers off for the day, has resulted in proximity to commercial centres and quick access to motorways now being one of the primary factors to consider when purchasing residential property.

This upmarket four bedroom, four bathroom home boasts two living areas, a modern kitchen, spacious garden with swimming pool, staff quarters and a double garage. Offering the best in secure lifestyle living in the Sandton Country Club Estate for R6.5 million, residents also enjoy access to the clubhouse and tennis courts.

Suburbs like Woodmead which are in close proximity to the many growing commercial centres as well as to the main freeways are becoming increasingly popular as a result and the demand and lack of space for further development are pushing up the prices.

Woodmead’s ideal location within the boundaries of the M1 section of the Johannesburg/Pretoria highway and the Western Bypass has seen this once largely a commercial node grow over the past 20 years to include a popular residential area which caters for all budgets and needs.

Jenny van Jaarsveldt, Area Specialist for Lew Geffen Sotheby’s International realty says: “First time home buyers and young professionals can enter the market at about R1.2 million for a comfortable two bedroom apartment while at the top end investors will pay between R5m and R8m for a renovated house on a large erf of up to one acre or a luxury home in a security estate on more compact grounds.”

According to Van Jaarsveldt, the properties most in demand at the moment are the smaller homes on half an acre and small to mid-size clusters up to around R3.5m. However, there is often a shortage of sectional title and small cluster homes as Woodmead is still dominated by freestanding properties.

“There are only about 12 sectional title blocks in the area and these are not new. There is also no land available for further development and the only option is for developers to buy an older home on an acre and subdivide the plot, but the prices in Woodmead are a little high for this.”

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says: “It has taken the residential market in Woodmead many years to recover from the credit crunch, but it has really begun to pick up again in the past two years and there is currently high demand in the mid-range sector, with the top end of the market beginning to attract more attention.

“In 2009 the average price of a freestanding home was just R1.12m with the extensions faring a little better at R2.34m in Extension 1 and R2.35m in Extension 4. By 2014, prices had only increased to R2.42m, R2.89m and R2.66m respectively, with only the lower end of the market showing any real growth.”

“However,” says Geffen, “just a year later average prices spiked considerably due to more activity at the top end of the market which has pushed up the median.”

In Woodmead a sale of R31m pushed the median up to R9.54m to date for 2015 and in Extension 1 the average sale price has sharply risen to R5.88m with Extension 4 middling thus far at R2.75m.

The area was first established as a commercial node in the 1990s with the development of the Woodlands Office Park, but grown considerably and now includes Woodmead Springs which is a boomed area bordering the river on the west.

Although there are no government schools in Woodmead, King David Primary School is situated on Bowling Avenue and there are many excellent schools in the surrounding suburbs. Residents are also spoiled for retail choice with myriad shopping facilities in the area which include Woodmead Retail Park and Morning Glen as well as smaller centres on Woodmead Drive.

The multitude of office parks in Woodmead means that many of the residents enjoy the luxury of a very short commute to work and the area is now home to many key corporates such as Deloitte and Touché, 3M Global Technology and the Altech group.

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