RE/MAX Suburb Trend Report – Edenvale

Area history

Located in the Gauteng Province’s East Rand district is the town of Edenvale, which was initially a small settlement known as Rietfontein. Populated with Cornish mineworkers, Edenvale sprung up around the Rietfontein Gold Mine in 1903 after the Anglo Boer War. During 1942, the area was established as a municipality which would later form part of Greater Johannesburg.

Situated equidistant between OR Tambo International Airport and the Johannesburg CBD, the area is within proximity to all the major elements of the Johannesburg metropolitan region making it popular among buyers from all walks of life.

Following the local government elections in 1995, the area was incorporated with some of the other surrounding regions such as Modderfontein and Rabie Ridge to form the Lethabong Municipality. This arrangement ended in 2000, with Edenvale becoming part of the Ekurhuleni Metropolitan Municipality, which includes much of the East Rand.

Over the last six years, recent development has seen the area to the north of Edenvale expanding greatly, with the building of two major shopping centres namely Greenstone and Stoneridge mall. Aside from the malls, many townhouse complexes and other properties have also been developed in this area in recent years.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property in Edenvale consists of 68.57% freestanding homes and 31.43% sectional title units. He notes that the average price of property in the area grew steadily from 2004 up until 2008, dipping slightly in 2009. Goslett says that prices stayed fairly stable between 2009 and 2012; however they reached record highs this year with the current average price of a freestanding home at R1.221 million, while the average price of a sectional title unit is R580 000.

According to Lightstone data, the largest percentage of recent buyers consists of those aged between 18 and 35 years old who account for around 37.62% of recent buying activity. Following closely behind are consumers aged between 36 and 49 years old, who are responsible for 31.68% of recent buying activity.  This demographic also represents 35.66% of current homeowners in the area and 30.85% of recent sellers.

Goslett says that the number of sales transactions in the area dropped in 2007, and even further in 2008. He notes that sales figures have subsequently gained momentum with 2012 sales transactions achieving close to the numbers seen during the boom.

Property price trends

Demand for property

Goslett says that around half of all the properties sold in the area between May 2012 and April 2013 were priced between R800 000 and R1.5 million, making it the most popular price category by far. Properties that fell within the R400 000 to R800 000 category represented 29.8% of the area’s sales, while properties below R400 000 represented 12.8%. He notes that properties that sold for between R1.5 million and R3 million during the same period represented only 4.3% of sales.

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