Rapidly evolving Rosebank in a league of its own

One of Johannesburg’s most dynamic suburbs has changed dramatically in recent years, transforming  from a vibey residential enclave into the template for successful mixed use areas and, in a city known for its crippling traffic congestion, Rosebank is also one of very few places where once can easily live without a car.

Freestanding houses now account for only 9.6% of the properties in Rosebank and this four bedroom family home in Sturdee Avenue which recently sold for R5.75 million is also zoned for new sectional title development.

Almost 91% of all residential properties in Rosebank are now sectional title and the suburb’s evolution is marked by the crucial fact that around 80% of current home owners only purchased in the area in the past five years. The number of sectional title registrations hit an all-time high of 159 last year, up from just 20 in 2015 and a previous high of 38 registrations in 2010.

Di Kuhlenthal, Area Specialist for Lew Geffen Sotheby’s International Realty, says: “Rosebank has become a very vibrant, multi-cultural node that is especially popular with young professionals working in the area as well as executives who commute to Johannesburg for work purposes from other parts of the country.

“The suburb caters to most budgets and needs as it offers buyers a very broad choice of apartments, from starter studios or older one bedroom flats at around R1 million to super luxury penthouses for up to R18m, although most sales are between R1.5m and R3m.”

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says this is clearly indicated in the most recent Lightstone data on the suburb covering the 12 months ending 28 February 2017.

“It shows that 164 sectional title properties changed hands with a total value of just over R350m. Of these, the majority (111) were in the R1.5m to R3m price band at an average sale price of R2.07m, while the second most active price bracket comprised homes between R800 000 and R1.5m in which 29 sales realised an average unit price of R1.35m.

“However, the top end also performed reasonably well – especially given the overall economic climate – and 19 apartments priced above R3m were sold, at an average unit sale price in this bracket of R4.07m for the 12-month period.”

Five apartments sold for less than R800 000, with the lowest sale price being R400 000 whilst the others averaged R755 000.

Although freehold homes now account for less than 10% of the property landscape there were eight transactions during the 12 months to February 2017 at an average unit sale price of R11.6m but Geffen notes that these properties have become a very scarce market commodity.

Kuhlenthal explains: “Developers have bought up many of the older houses to demolish and replace with sectional title units or office blocks, while others have been converted into businesses.

“However, despite the stellar growth of Rosebank’s commercial sector, the district also offers its residents an array of amenities and facilities, including superb shopping malls, restaurants and pavement cafes, markets, hotels, cinemas, galleries and night clubs.”

She adds: “Along with much of Gauteng, Rosebank’s market got off to a sluggish start this year with only 15 of the 164 sales being concluded during the last three months of the suburb report period from December to February, but the summer holidays were a contributing factor and sales have been steady.

“The fact remains that people want to live in Rosebank as it offers a higher level of convenience than any other suburb; residents can walk wherever they need to go within the area and it is also well serviced by public transport including the convenience of hopping onto the Gautrain to get to OR Tambo, Pretoria, Sandton or Midrand.

“There are also several good schools nearby including Kingsmead, Pridwin and Bellavista.”

Rosebank is unique in that it has a very successful commercial node within a pleasant working, shopping and entertainment environment, without losing its character and charm as a residential suburb.

Rosebank’s success has also been rewarded by the municipality’s declaration that it is a priority infrastructure and service delivery improvement node within greater Johannesburg.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us