select
|

Sandton - clusters in high demand

The trend towards ultra-modern clusters with vast expanses of glass letting in natural light and sun is growing.  The indoor/outdoor lifestyle overlooking a sparkling swimming pool is undoubtedly conducive to the South African climate and ideal for entertaining.

“When clusters were first introduced they were intended for empty-nesters who preferred the lock-up-and-go lifestyle. Today they are for everybody - young, old, families and singles. The more exclusive cluster developments offer a safe haven for family living. Many of the more recent estates offer large stands to accommodate children and give a feeling of space around the home. Both Morningside and Riverclub have a wide selection of this type of accommodation,” says  Andrew Birbeck Jawitz Properties’ Sandton branch manager.

Despite what the pundits say about a stagnant property market, Jawitz Properties’ award winning agent for Morningside, Norma Robinson, is not experiencing poor demand.  In fact since mid-January, she has sold a total of R36.5-million clusters. She puts it down to the South African economy being relatively stable compared to the rest of the world.  “Interest rates have remained the same, and those who were holding on to their homes hoping for their asking price, have finally relented and eventually sold at what the market dictates,” she says.

Robinson, who specializes in the Morningside, Riverclub, Sandown, Benmore Gardens area, concentrates on clusters and houses in Morningside, is not a great believer in using a primary residence for rental.  Sellers persist in thinking that their home is worth more than it is and are determined to sit it out by leasing, hoping the economy will pick up. “The reality is that Morningside homes are exclusive and luxurious and by and large tenants do not care adequately for the property. Homeowners who have gone this route have not ultimately achieve their selling price.  In the end, renting a primary residence is not a sound investment.

“Property remains a long term investment. Those who bought in the last five years, are unlikely to make a profit.  You’ll get back what you paid. If you’re fortunate, you’ll get back either the commission or the transfer duty, and if you’re really lucky you’ll get back both. But generally not.  A home is no longer an investment in the true sense of the word. So buyers should be cautious in expecting a profit within a particular timeframe,” she says.
  
There’s no doubt that clusters in the Sandton will continue to gain in popularity.  The demand is driven by the close proximity to the Sandton CBD, near religious institutions, schools and highways.  Those who bought farther north in pursuit of a better quality lifestyle have started to return to Sandton to be closer to work and avoid hours wasted in rush-hour traffic. E-tolling and the escalating petrol price are going to be further disincentives for moving out of the CBD.
“Unlike other suburbs, prices in Morningside and surrounds will increase - simply because land is not a renewable resource and there’s a scarcity of available land for development,” says Robinson.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 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.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
        
    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