Green with envy - Greenstone property booms

The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.

Levy sites the close proximity to OR Tambo (ORT) International Airport as a drawcard to the area.

“I regard Greenstone as being the most upmarket high-density area near to ORT – which can be as short a drive as 15 minutes - and my perception is that this has contributed to its rise in popularity, along with its significant infrastructure. The entire area is fibre ready, shopping centres have evolved to cater to families and many lifestyle complexes are fully equipped with gyms, restaurants, creches and even spas or sports grounds, adding to the convenience for residents.” 

A (green) stone’s throw away

The easy access to the N3 highway in addition to the airport also makes the area popular, and much like one would see a broad selection of people in an airport – Greenstone is just as diverse.  There is a great mix of people – those from all over Johannesburg looking for a central base, to young professionals semigrating from KZN, to foreign nationals, and airport staff. “We also find pilots for example, who either have an investment property in Greenstone, or choose to live here themselves,” says Levy. There are also many foreigners who now work in the area. “It is not unusual to have interest from buyers or tenants with French, Portuguese, Spanish, Swahili or Russian as their first language.”

With smaller apartment options to larger homes and plenty facilities on offer, it is not surprising that all walks of life are present here.

Price gets the green light

The average residential purchase price for a freestanding home is R3million in Greenstone, but by comparison sectional title is more prominent in the area, with in the region of five and half thousand sectional title units in less than a square kilometre. These properties are priced from R750 000, while sectional title rentals vary from around R6 800 at entry level, up to R13 500 for a lovely garden unit.

Levy says there is hardly an empty apartment in Greenstone and many existing sellers have tenants in place, while tenant demand is high. “Some buyers may be on the fence about investing but the potential of the area is quite exciting. If only there were more one-bedroom units, but families are well catered for, with lifestyle centre-equipped apartment blocks as the most popular.”

The most active price bracket in the freehold residential rental market is R15 000 – R25 000, but prices of up to R40 000 have been achieved.

Greener pastures continue

In close proximity to Modderfontein nature reserve, boasting one of the most renowned mountain biking trails in the eastern part of Johannesburg, the suburb also boasts a highly-rated golf course.

“The area is a lush mix of leisure and business, home to many large business parks and amenities, with more development coming, proving that Greenstone seamlessly caters to modern, central living while tapping into the weekend leisure lifestyle as well,” Levy concludes.

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