Gautrain driving demand on the East Rand

Ferreira reports a marketed increase in sales turnover for the financial year March to October 2011 which at R143 million is 57.5 percent up on the same period last year.

“We are seeing a trend whereby established corporate executives are purchasing homes in the established suburbs of Glen Marais, Van Riebeeckpark and Aston Manor and commuting to work in Sandton or Pretoria via the Gautrain links. This trend has extended into all facets of business, with attorneys taking the Gautrain to commute to Sandton’s Advocate Chambers and local corporate executives using the link to do business in Sandton, Rosebank and Pretoria,” he says.

“Furthermore, the Gautrain has literally opened up the accessibility of the East Rand for families who are buying homes here, with their children using the Gautrain to commute to schools and the University of Pretoria.  Parents are no longer limited to shopping at the local malls and long drives to Sandton City, Rosebank Mall and Menlyn Mall (Pretoria) are a thing of the past due to the speed, comfort and security of the Gautrain system.”

Ferreira says PGP is also meeting a growing demand from younger business people, who purchase starter homes priced between R950 000 and R1.8 million in the areas of Boksburg, Benoni and Kempton Park. “Previously you would hear of people selling to move closer to work in the ‘north’, but now most of our sales across four offices are for those upgrading or downgrading within the East Rand, providing an important indicator of investor confidence in these stable areas.  Home buyers are moving closer to a lifestyle of convenience and I believe that is why we are seeing so many shopping centres being constructed within an eight kilometre radius of each other. Coupled with the Gautrain, East Rand residents are truly experiencing a positive change in lifestyle.”

He says there is also a marked upturn in home purchasers with increasing buying power moving into the area, and as their disposable income increases so too does their choice in homes. “To meet a growing demand we are selling affordable homes in the townships ranging from R260 000 for 51sqm on 100sqm of land to R560 000 for a three bedroom, one bathroom, 180sqm unit on 800sqm. We continue to conclude a large number of sales in the price range between R850 000 and R1.8 million for established homes, purchased by young families with a view to upgrading the interiors and restyling the home to their preference. From R2 million upwards buyers are generally those who own sizeable businesses and wish to live within easy reach. These include luxury homes in Rynfield, Lakefield and Farrarmere (Benoni), Glen Marais (Kempton Park), and Bartlett and Golden Crescent (Boksburg) which attract buyers up to approximately R13 million,” he says.

PGP also recently concluded the sale of two large buildings in Kempton Park. One of these was an office park well situated a stone’s throw from the Rhodesfield Gautrain Station and adjacent to the R21 close to OR Tambo International Airport, which was acquired by international investors for R8 million. The second was a large block of apartments situated in Kempton Park, sold to a local investor for R5.5 million. “Underpinning these sales is a growing trend towards the acquisition or construction of office buildings – another positive indicator of investor confidence in the East Rand from both a business and residential perspective,” says Ferreira.

“As a result of the renewed optimism in the market we are strategically positioning ourselves to open three new offices on the East Rand in 2012 to complement our brand new East Rand sales and head office on the predominantly business strip of Lakefield Avenue, Benoni.” He adds that show house attendance has improved, and is drawing serious buyers as opposed to browsers, while the number of enquiries off the PGP website has increased dramatically across all price ranges.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    • 20 Jun 2018
      The average size of bond granted in SA has grown 7,7% in the past 12 months to R934 000, according to BetterBond, the country’s biggest bond originator.
    • 19 Jun 2018
      In the current market, letting out a property can be a good option as rental demand remains strong, especially in the northern suburbs of Johannesburg. This is according to Chris Renecle, MD of Renprop. However he says that before homeowners let their property out, there are five key points they should make sure are covered before they market the property for rent and sign any lease agreements.
    • 19 Jun 2018
      The Capetonian dream is to live by the ocean with the iconic mountain making an appearance somewhere in the horizon. But, that dream comes with a hefty price tag that many simply cannot afford. But, should you venture some kilometres out of the city centre, entirely new realms of beachside bliss await you …
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us