RE/MAX Suburb Trend Report – Fourways

Area history

Situated in northern Sandton, the fast developing residential and commercial node of Fourways is a lively area that is continuously a buzz with activity. While it is regarded as being part of the financial hub of Sandton, it is as far as one can go before the metropolitan Johannesburg district fades into countryside.  Long before the area was called Fourways, it too was a farm and residence owned by the Eriksen family. The 605-acre property was established in the early 1920s and was originally called Norscot Manor, which was derived from their nationalities: Norwegian and Scottish.

?3 Bedroom Cluster for sale in Fourways

The residence was eventually sold off, piece by piece, to various buyers. However, the family home, a Cape Dutch- style manor, was given to the City Council of Johannesburg in the 1970s. The council called the suburb that was planned around the home Norscot. Today the home now serves as the Norscot Manor Recreation Centre.

After much development, Fourways received its name due to the four-way stop where William Nicol Drive and Witkoppen Road met. Although that intersection has subsequently changed with William Nicol Drive now cutting under the Witkoppen Road flyover, the name of Fourways is still symbolised by two four-way roundabouts on Kingfisher Drive.

In Fourways there is always something on the go as the area boasts a number of entertainment facilities and shopping malls such as The Fourways Mall, Montecasino and  Fourways Crossing. 

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property in Fourways consists of freestanding homes (53.73%), sectional title units (32.23%) and estates, which account for the remaining 14.04%. He notes that unlike most areas across the country, the home prices in Fourways were relatively unaffected by the recession and have continued to see steady growth. According to Lightstone figures the average price of a freestanding home stabilised at around R1.6 million between 2008 and 2010, but since 2011 has grown by over R100 000 each year. Between 2007 and 2009 sectional title unit prices saw very mediocre growth; however the price has seen bigger jumps since, going from around R1.1 million in 2011 to R1.3 million in 2012.

?4 Bedroom House for sale in Fourways

Goslett says that while prices weren’t affected by the recession, property sales transactions in the area did see a drop after 2007, the busiest year in terms of sales in the area in over a decade. Since 2009 the Fourways property market has been fairly stable with sales volumes gaining momentum more recently and gradually showing an upward trend. 

He notes that consumers between the ages of 36 and 49 years old have been the most active demographic in Fourways, accounting for 41.9% of recent buyers, 40.38% of recent sellers and 35.72% of existing homeowners in the area.

Property price trends

Demand for property

Goslett says that 51.9% of homes sold in Fourways between October 2012 and September 2013 were those priced between R1.5 million and R3 million.  Around 37.7% were priced between R800 000 and R1.5 million, while properties between R400 000 and R800 000 represented 7.5% of the area’s sales. He notes that properties that were sold during this period for below R3 million represented 1.9% of the market, while those above R400 000 represented just 0.9%.

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