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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)”.


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