RE/MAX Suburb Trend Report – Morningside, Gauteng

Area history

A stone’s throw away from Sandton’s financial hub, the affluent suburb of Morningside has somehow managed to retain its quiet, peaceful atmosphere despite being surrounded by the hustle and bustle of an ultra-cosmopolitan city centre.

The area’s municipality was established during the 1960’s, following the northerly expansion of the Johannesburg metropolitan region. During this time most of Morningside and the surrounding Sandton suburbs were mostly residential, consisting mainly of small holding type property.  It is this rural and equestrian lifestyle that gave the region its regal reputation.

Today the leafy suburb of Morningside consists of freestanding homes, secure townhouse complexes and estates. The area stands in stark contrast to the commercial capital’s high rise skyline, dominated by chrome and glass finishes. The suburb forms part of the City of Johannesburg Metropolitan Municipality.

Area property information

According to Lightstone, a property statistics and information provider, the average price of property in Morningside has shown excellent growth and surpassed prices seen during the boom period. The average price of a free-standing home is currently sitting at around R3,670-million with a sectional-title home costing approximately R1,438-million. Adrian Goslett, CEO of RE/MAX of Southern Africa, says that these are remarkable figures considering the pressure that property pricing has been under since the recession period. He notes that these figures point to the importance of considering location when purchasing property.

Goslett says that market activity in the area has been largely dominated by consumers in the 36 to 49 year old age category. He adds that consumers in this age group make up 34.97% of recent sellers, 35.63% of recent buyers and 38.02% of existing homeowners in the area. Consumers in the 18 to 35 age bracket have also made their presence felt, accounting for 34.94% of recent buyers in Morningside.

Goslett says that sectional title units have performed extremely well in the suburb with 264 units sold over the last 12 months, and 83 freestanding homes sold during the same period. The majority of the freestanding homes sold for R3 million or more, while most of the sectional title units ranged from R800 000 to R1, 5 million. The number of properties sold within estates between November 2011 and October were split relatively equally between the R1,5 million - R3 million bracket and those priced above R3 million. Property in Morningside consists of 69.07% sectional title units, 12.52% freestanding homes and 18.41% estates.

Property price trends

Demand for property

According to Goslett, because of its prime location and proximity to the Sandton CBD, Morningside attracts many buyers who work in the financial district. He notes that while the area is remarkably close to all the upmarket amenities in the Sandton area, it also offers a quieter alternative to the Sandton City lifestyle. Residents in the area have access to excellent schools and many top notch coffee bars and restaurants, as well as the Outspan Bird Sanctuary that caters to the avid nature lover. All these elements have boosted demand for property in the area and ensured that the property has maintained its value, proving to be a sound investment option over the long term.

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