select
|

Young, savvy buyers look to Midrand

The number of properties in Midrand has doubled since 2000 with the area experiencing an increase of about 550 sectional title properties during this period, this according to research released in 2015 by property service group Lightstone. The data goes on to indicate that Midrand could well become one of the most densely populated areas in South Africa within the next three decades.



Younger buyers invest in Midrand

It’s to this thriving area that more and more Millennial buyers are choosing to relocate to. A 2014 Nielsen survey indicates that Millennials prefer to live in mixed-use, urban communities and tend to opt for smaller properties with less upkeep. That being said they prize individuality and aren’t overly fond of cookie-cutter developments.


(Source)

In this regard Midrand suits these buyers perfectly; “Most of my buyers are young black professionals who are married looking to upgrade from a two bedroomed townhouse to a larger 3 bed, double garage free standing home as the family grows”, says Skoko Sebola, a Property Sales Consultant at Leapfrog Property Group in Midrand. Sebola indicates that the R700 000 to the R1.2 million is doing well at the moment and that he’s currently selling predominantly freehold properties. These free standing properties are providing Millennials with the differentiation they’re looking for, at a price they can afford and in an area that makes it easy to get the kids to school and get to work.

The amenities in Midrand, including the newly constructed Mall of Africa, the San Ridge Shopping Centre, access to good public and private schools and the Waterfall private hospital make Midrand a very convenient prospect for buyers. The close proximity to Johannesburg and Pretoria as well as the fact that a number of companies (like BMW, Siemens, Vodacom and Johnson & Johnson) have relocated their head offices to the area increases Midrand’s desirability.

When it comes to new developments Sebola explains that; “things are a bit slow at the moment, but Galencia and In Realty have new developments currently in the R 500 000 to R1,8 million price range which seem to be doing well”.

Buyers are more aware

“Buyers are more informed than ever before – making the most of the information available on the various property portals – and they tend to come prepared when house hunting”, believes Sebola, “My only advice to buyers is to set aside at least a 10% deposit and to calculate the costs of buying before approaching agents; getting pre-approved for a mortgage speeds up the buying process and a deposit will go a long way in securing a bond with a bank (especially as the banks seem to be getting more stringent in terms of approvals of late)”.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
    • 15 Feb 2018
      One positive consequence of the financial crash in 2008 was the rise in consumerism, especially in the property market, where buyers have steadily become more knowledgeable and more value conscious.
    • 15 Feb 2018
      While most homeowners will take the agent’s commission into consideration when they are trying to determine what the will get out from the sale of their property, many often forget to factor in the other costs involved in a home sale, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      The forecast for the national rental market in 2018 remains a mixed bag of good news and bad news. Although rentals are expected to rise slowly as the challenges of home affordability and tighter lending criteria tighten their grip, it’s a double-edged sword as the market also will come under increasing pressure from factors like declining disposable income levels.
        
    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