select
|

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.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK