select
|

Young buyers fire up property sales in Jo’burg’s New South

Great value, great views, top schools and excellent shopping and recreational facilities… the New South has it all, and even offers easy and less-congested access to the Johannesburg CBD and other parts of the metro.


This stylish multi-level home occupies a prime position in Bassonia Estate. It offers three bedrooms, two bathrooms, three spacious living areas, well-appointed kitchen, covered patio, pool and four garages, and is on sale through Chas Everitt International for R5 500 000.
 

So it is no wonder that there is constant demand for properties in core suburbs such as Bassonia, Glenvista and Mulbarton, or that sales in these areas have held steady over the past two years despite rising inflation and interest rates, says Jacques Bronkhorst, owner of the Chas Everitt International Glenvista franchise.
 
“At the moment, there is particularly brisk turnover at the lower end of this market, with lots of young buyers coming in and purchasing three and four-bedroom houses as well as townhouses and apartments. And because we have such a great team of highly-trained and enthusiastic agents working in these areas, we are finding that any property priced at less than R2m currently has an excellent chance of being sold within a month – while in some areas we are seeing our new listings sold before they even go on show.
 
“Prices are also showing good growth as a result of all this activity, so there is also plenty of room now for investment buyers or renovation enthusiasts to upgrade some of the older homes here and resell them at a good profit.”  


This low-maintenance home in Mulbarton is for sale through Chas Everitt International for R2 125 000. It offers four bedrooms, three bathrooms, large open-plan living areas and a spectacular view from the entertainment patio and pool, as well as staff accommodation, a double garage and excellent security provisions. 
 
In Mulbarton, he notes, the average house price has risen 25% from around R1,4m five years ago to about R1,75m currently, but good-quality three-bedroom freehold homes with two bathrooms and double garaging are still available for around R1,3m. “Stands are generally quite large at between 980sqm and 1350sqm, and with modernised kitchens and bathrooms and the addition of an outdoor entertainment area, such homes can easily sell for R1,7m and even more. 
 
“Meanwhile, the suburb also offers luxury hillside homes with four and five bedrooms and panoramic views at an average price of around R2,4m – which is exceptional value if one also considers the location and convenience of the area. There are more than 20 public and private schools within a 5km radius, including Mulbarton Primary and Glenvista High, and most homes in the suburb are also just a few minutes’ drive from the Mall of the South, the multibillion-rand regional shopping and entertainment centre that opened just over a year ago.
 
“The area also has its own private hospital and two local shopping centres as well as the renowned Panorama Flea Market, and is also not far from the Glenvista Country Club.”
 
This club, with its magnificent golf course, lies at the heart of Glenvista, which is a large hilly area offering a wide variety of homes to suit all types of buyers, from one and two-bedroom apartments to solid family homes, luxury townhouses and palatial mountaintop villas.     


This superb four-bedroom, two-bathroom home in the best part of Glenvista is on sale through Chas Everitt International for R2 999 000. It also offers three living areas leading to the patio and pool area, a study, fully-fitted kitchen with separate scullery and pantry, staff accommodation, a double garage and excellent security provisions.
  

However, says Bronkhorst, the majority of buyers (about 50%) in this area are young families with growing children, so the most commonly traded properties here are three and four-bedroom, two-bathroom family homes on stands of about 1000sqm, at prices ranging from about R1,7m to around R2,4m.
 
“The next most common demographic here is young career singles and couples, who currently make up about 30% of buyers and are especially keen on two-bedroom apartments. These range in price from around R650 000 to about R1,1m, depending on their age, security and whether they have a view or not, but demand has been substantially boosted since the opening of the Mall of Africa and prices are rising.” 
 
Prices are also rising in neighbouring Bassonia, he notes, where the average house price of R2,4m is currently about 29% higher than it was five years ago. “One reason for this is the limited amount of stock coming on to the market, because once people have bought a home in Bassonia, they are often reluctant to move.
 
“Prices here are also somewhat higher than in the neighbouring suburbs, but we receive a constant stream of enquiries from young professionals for two-bedroom apartments and townhouses at prices from around R750 000 to about R1,25m, and from family buyers aged between 35 and 50 for upmarket three and four-bedroom houses at prices from around R1,8m all the way up to around R4m. And thanks to the fact that our agents are known and trusted by sellers in the area, we are usually able to find them exactly the right home.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
        
    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