Germiston Central - Attracting young homebuyers

Area history

Situated on the East Rand of Gauteng, Germiston was initially established in the early days of the gold rush when two prospectors struck their fortune on the farm of Elandsfontein. The one’s name was John Jack who was originally from a farm called Germiston near Glasgow and the other was August Simmer from Vacha in Germany.  After news spread of the men finding gold, the town sprang up next to the mine and by 1921 the world’s largest gold refinery, known as the Rand Refinery, was established in the area. According to statistics around 70% of western civilisation’s gold passes through this refinery.

2 Bedroom Townhouse for sale in Solheim, Germiston

Today, Germiston forms the seat of the Ekurhuleni Metropolitan Municipality which includes most of the East Rand and is considered part of greater Johannesburg. 

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that it is interesting to note how many young buyers are purchasing properties in Germiston central. He says that according to Lightstone data, 80% of recent buyers were between the ages of 18 and 35 years old, while the remaining 20% were between the ages of 36 and 49 years old. On the other side of the property transaction the largest demographic of sellers (40%) are those over the age of 65 years old. Currently the largest group of existing homeowners in the area are between the ages of 36 and 49 years old, followed by their younger counterparts below 35 years old.

Goslett notes that the property in Germiston Central consists of 59.21% freestanding homes and 40.79% sectional title units. He says that the average price of a freestanding home jumped from around R166 000 in 2006 to a record high of R566 000 in 2007. The price dropped in 2008 and has gradually decreased up until 2011. Both sectional title unit prices and freestanding home prices saw improvement in 2012 and have continued on their upward trend this year.

According to Goslett, sales transactions peaked in the area during 2006, with the number of sales transactions five times more than the volumes seen during the previous year.  Sales volumes decreased in 2007 and have remained fairly flat ever since.

Property price trends

Demand for property

Goslett says that 76.9% of homes sold in Germiston Central between December 2012 and November 2013 were priced below R400 000, while the remaining 23.1% of properties sold during this period were priced between R400 000 and R800 000.

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