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Midrand shows strong market resilience as development steams ahead

Midrand has become a key growth point in Gauteng, largely driven by the rampant commercial and residential development in the area, affordable quality homes across all sectors and its central location midway between Johannesburg and Pretoria with the Gautrain offering easy access to both cities.

Grahame Diedericks, Manager Principal for Lew Geffen Sotheby’s International Realty in Midrand says: “Because of the ongoing development and strong demand, the local market has not been affected by the downturn as severely as the surrounding and more established suburbs and it still presents a fantastic investment opportunity in one of Gauteng’s fastest growing areas.

“In fact, our office achieved a record first two quarters in 2016 and the outlook for the remainder of the year is also positive as there’s no sign of a decline in the influx of buyers who are attracted by Midrand’s value offering and all-round convenience.”

Investors are presented with a broad spectrum of properties which range from entry level apartments starting at a very accessible R650 000 to around R20 million for luxurious, state-of-the-art homes in secure gated communities like Stein City Parkland Residence and Waterfall.

DESIGNER HOME: Situated in the exclusive Waterfall Estate in Midrand, this modern three bedroom double storey home has a state-of-the-art kitchen leading to a thriving herb garden, a generous patio and a pool in a landscaped indigenous garden. On the market for R8.999 million, it also boasts a separate one bedroom cottage.

Diedericks says: “There are now a number of modern sectional title developments in Midrand such as Country View, Glen Austin and Halfway Gardens in which first time buyers can enter the market for well under a million.

“Freestanding houses generally range between R1.2m and R5m and townhouses and cluster homes vary between R1m and R2.5m, depending on the area and the finishes.

“There are also numerous secure, gated communities such as Kyalami Estate, Kyalami Glen, Waterfall and Carlswald Estate, with sale prices dependent on the finishes, level of security and the facilities offered by the estate.

“The most sought-after estates that command the highest prices are those that offer the best security and on-site amenities as well as easy access to conveniences such as shopping centres and the main arterial routes.”

He adds that although all market sectors are active, the lower end is currently performing exceptionally well and that homes for under R1m are usually snapped up soon after being listed.

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says: “Lightstone statistics reveal that the number of properties in Midrand has doubled since the millennium, with an increase of more than 500% in the total number of sectional title properties developed during this period.

“Currently, sectional title properties make up only around 26% of the property landscape, but at the current rate of densification Midrand is expected to change dramatically over the next two- to three decades and is likely to become one of the most densely populated areas in South Africa.”

Geffen adds that the area’s market strength and investment potential is also underscored by the number of large developments currently under construction.

“Stein City Parkland Residence paved the way for self-sufficient super estates in Midrand and Waterfall Estate, which is now in development, also offers residents a secure lifestyle within a prestigious gated community with myriad on-site facilities including a private school, clubhouse, restaurants, family parks and convenient shopping.”

Investor confidence is further underscored by the fact that Porsche SA recently made the highest bid of R205m for Kyalami race track with extensive development and upgrade plans in the pipeline.

The increase in investor interest in the Midrand area has also spurred the rental market, which is performing well across all sectors. The lower end of the market is especially active as young professionals and families move into the area.

Diedericks concludes: “Many businesses have relocated to Midrand due to its excellent highway links and its central location in the economic hub of Gauteng and it is also home to large-scale industries such as textiles and motor vehicles.

“And, with both demand and listings on the increase as more as more and more people seek the convenience of living close to work, there is no doubt that property in Midrand offers fantastic investment growth potential.”

 



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