Vibrant Rosebank stimulates residential property markets

Following its inclusion in the Gautrain route in 2011, infrastructure upgrades in the area, as well as considerable private and public sector investment, Rosebank has undergone a complete transformation.

The rapid development and popularity of Rosebank is assisting to stimulate demand for homes both in the centre itself, as well as in neighbouring suburbs. This magnificent 5-bedroom home in Westcliff is being marketed by Pam Golding Properties for R22 million.

“Rosebank, which has become a favoured destination of Johannesburg residents for its vibrant mixed-use commercial, retail, entertainment and residential hub, has developed at a tremendous pace in recent years and is today undoubtedly one of Johannesburg’s fastest growing and most fashionable places to be,” points out Rupert Finnemore, Pam Golding Properties Gauteng regional head.
“Identified as a priority Johannesburg development zone, it has been estimated that a substantial R7 billion has been invested in the centre by the private sector in recent years. Recent developments include upgrades to such landmarks such as the Rosebank Mall, The Zone, The Galleria, where a R600 million mixed-use development is underway, and Netcare Rosebank Hospital,” points out Finnemore.
“Redefine Properties is an example of a developer that has made significant investments in Rosebank, indicating high levels of confidence in the area. This leading developer is currently working on a number of large projects in the area which include, among others, a R712 million Rosebank Link Office, as well the iconic Park Central residential development, which is currently under construction.”
Finnemore says that the Standard Bank building completed in late 2013 represents a R2.5-billion investment in the region and is staffed by some 3 000 employees.
“The upshot of all of this development is that Rosebank has become a model mixed-use centre which points to the future of city design within Johannesburg. Today’s Rosebank is tree-lined and vibrant with a rich, cosmopolitan culture. The precinct itself has been redesigned to be pedestrian-friendly with maximum access to public transport,” he notes.
“The growth of Rosebank appears to go against the grain of the current sluggish national economic climate, although similar progress is being seen across a number of centres in Gauteng including Sandton, Fourways and Midrand. It is evident that the growth of Rosebank is assisting in focusing on the residential property market both within the area itself as well as in surrounding neighbourhoods.”

Suburbs such as Dunkeld, Melrose and Westcliff are currently offering excellent opportunities to acquire large homes in these prestigious areas. Pam Golding Properties is marketing this 5-bedroom home in Westcliff for R22 million.

According to Finnemore, the centre of Rosebank is seen by many investors as offering advantages over nearby Sandton, not least of which is the fact that it has tended to be less severely impacted by high traffic volumes. In addition, the close proximity of Rosebank to Johannesburg and Sandton has long been an attraction. OR Tambo International Airport is just 35 minutes away by road and is also easily accessed via the Gautrain, as is Pretoria.
“From the perspective of the residential property market, Rosebank has become an increasingly popular option among younger professionals and executives who appreciate the cosmopolitan and highly convenient inner-city lifestyle it offers. They are creating a demand particularly for sectional title apartments priced between R1.2 million and R3.5 million within the bounds of the centre itself. A number of outstanding apartment developments are being constructed to meet this demand.”
Richard Smith, manager of the Pam Golding Properties Hyde Park region, agrees that the rapid development and popularity of Rosebank is assisting to stimulate demand for homes both in the centre itself, as well as in neighbouring suburbs including Saxonwold, Parkview, Parktown, Parkwood, Parktown North, Melrose, Birdhaven, Dunkeld, Forest Town, Westcliff and others.
“Part of Johannesburg’s old north, these suburbs represent a broad region with complex local property market dynamics, but they do have some aspects in common,” observes Smith. “They are mostly leafy, well-established suburbs catering to the middle through to the upper markets. They are close knit and well maintained communities with highly active local authorities and offer some of the most charming and convenient suburb living in Johannesburg.
“Although there are an increasing number of sectional title developments in these areas, most properties are freehold family homes with established gardens and are considered to offer good value for money.
“Home prices may range from R1.2 million for a sectional title home, R3.3 million for a two-bedroom freehold property in Parkhurst, or R4.1 million in Parkview, R4.2 million in Parktown North, R4.5 million in Parkwood, through to R20 million or more for a large home on a substantial plot in Parktown, Westcliff or Melrose.
Smith says that suburbs such as Dunkeld, Melrose and Westcliff are currently offering wonderful opportunities to acquire large homes in these prestigious areas from between R10 million and R20 million.
“The region affords opportunities to those looking for more affordable family home options through to sizable properties. There are more established properties, as well more modern homes situated in the area. We note that many home owners across these suburbs have developed and modernised their older homes, or are in the process of doing so, in order to personalise and bring out the best in them.”
The area continues to attract up-and-coming young professionals with families who appreciate being situated close to Rosebank and Sandton and every possible convenience including outstanding schools, offices, business headquarters, shopping and entertainment, restaurants, medical facilities, the Gautrain stations at Rosebank and Sandton, as well as major arterial road networks such as Jan Smuts Avenue and the M1 freeway.
“The excellent situation of these suburbs and development of Rosebank have ensured that residential properties have remained in demand. Although the residential property market was generally lethargic in the Johannesburg region during 2016, our Pam Golding Properties agents serving these suburbs have enjoyed an active first half of 2017,” says Smith.
“Their local residential property markets have maintained their spark despite the tough national economic conditions, the growth of Rosebank assisting to make properties within the region even more attractive to investors, and serving to increase interest in properties here.
“The Rosebank region continues to attract investment opportunities and business people not just from South Africa, but also from the continent and around the world. Within this context, the need for residential properties and accommodation in the area is only likely to continue to increase exponentially,” he concludes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 22 Mar 2018
      The 1% VAT increase which is set to take effect as of 1 April 2018 has set the country alight with many burning questions, most of which cannot be comprehensively answered by our knowledgeable friend Google.
    • 22 Mar 2018
      The picturesque and oft-misty town of Dullstroom in Mpumalanga belies its name. Judging by the rapidly increasing influx of weekend visitors, many of whom then look to acquire property here, it’s anything but dull, quips Anton Greeff, Pam Golding Properties area principal.
    • 20 Mar 2018
      Located close to the fast growing Fourways precinct, Dainfern continues to attract local and international interest from buyers seeking a secure lifestyle with affordable entry price of approximately R3 million.
    • 20 Mar 2018
      Property owners in the Durban CBD are addressing the affordability challenge that faces many prospective tenants in their area – and reconfiguring the inner city rental market in the process.
    • 20 Mar 2018
      One of the most misunderstood concepts in the process of selling a property is an exclusive or sole mandate.
    • 19 Mar 2018
      If a landlord opts to use a managing agent for the rental of his or her property, the inspection process can be easier as the agent is not emotionally involved and will certainly have concluded an in-depth inspection report in the interests of all parties.
    • 19 Mar 2018
      We all wish we could have the cheat sheet for selling a property – a simple Ctrl+Shift+C code that will magically secure an offer on your home in an instant. Though it is not possible to provide you with this cheat code (sadly, reality does not come with such perks), it is possible to provide you with a list of the most common blunders some of your neighbours have committed in their efforts to sell their homes
    • 19 Mar 2018
      Although property technology is now widely accepted as an established trend, especially in the international real estate arena, the industry has been cautious to advance and smaller markets like South Africa are still hesitantly dipping their toes in the water.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us