select
|

Randpark Ridge homes very much in demand - prices now rising at 8 to 10% per annum

Randpark Ridge, is the middle class Gauteng suburb which lies just 10 km northwest of Johannesburg’s centre and is made up of approximately 1,200 sectional title, 3,150 freehold and 1,300 gated estate properties, says the Rawson Property Group’s franchisee for the area, Tim Crawford. It has proved to be one of the very few residential areas in South Africa where steady, on-going price rises have taken place year after year, at least since 2004, if not earlier.


3 Bedroom Cluster for sale in Randpark Ridge

“Deeds Office figures, compiled by Lightstone, show that in 2004 the average price of a sectional title unit at Randpark Ridge was R401,000, while freehold properties, on average, were selling at R714,000. Despite sales numbers falling quite drastically after 2006, by 2013 the average price of a sectional title unit here had increased to R825,000, while freehold properties have recently been selling at R1,515,000.”

“According to Lightstone there has not been one year in which prices did not rise.”

This suburb, says Crawford, is exactly right for today’s young upwardly mobile buyers: around 44% of sales in 2013 were in the R800,000 to R1,5 million bracket and around 47% of sales in the R1,5 million to R3 million bracket. There were no sales over R3 million in that period, but about 9% of the total sales were priced below R800,000.

Prices, says Crawford, have recently been rising at a phenomenal rate — only 24 months ago, 15 to 20% of all sales would have been in the R400,000 to R800,000 bracket.

“Knowing that there are very limited opportunities for new projects to be developed here,” says Crawford, “we can confidently say that stock shortages will see to it that 8 to 10% prices rises are recorded here this year and possibly thereafter.”


3 Bedroom House for sale in Randpark Ridge

Most of the current houses, adds Crawford, are “quite old”, some of them dating back to 1980, but many of today’s buyers are able to afford upgrades and these are rapidly transforming the area.

As in all Gauteng suburbs where stock is in short supply, monthly rentals are, says Crawford, rising even faster than sales prices – and, he says, demand here is exceptionally strong right now.

“We currently have around 80 houses in our rental portfolio and the sectional title units here are priced from R5,000 to R12,000 per month, while the freestanding homes can rent at anything from R8,000 to R20,000 per month.  Demand is, however, so strong that we could easily rent out double the number of houses we currently have on our list.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 18 Jun 2018
      Many home sellers are motivated to appoint estate agents because they know that the agency will carry the costs of advertising and marketing their property.
    • 18 Jun 2018
      When a property is sold when it has a tenant in occupation, the questions often raised are: “What happens to the tenant if the landlord sells the property?”, and what rights the tenant will have with regards to cancelling the lease or enforcing it, says Sunell Afrika, rentals manager for SAProperty.com.
    • 18 Jun 2018
      Sellers are often caught off-guard by the expenses incurred in the selling of a property. Just like there is no such thing as a free lunch, there is also no such thing as selling your property without incurring at least some costs.
    • 15 Jun 2018
      The second quarter of 2018 has proven to be the turning point for Midrand’s real estate market, especially the upper end which started to waver towards the end of a tumultuous 2017 with a notable drop in both sales and average selling prices.
    • 15 Jun 2018
      According to data recently released by FNB, the average age of a South African home buyer has increased from 38 to 44 this year. In an attempt to help first-time buyers enter the market sooner, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, walks us through the steps of saving for your first home.
    • 15 Jun 2018
      Putting your house on the market can be a stressful process. There are so many decisions to make that will impact how quickly your house is sold and for how much you can sell it for. It’s a serious money game where you can’t afford to make the wrong decision.
    • 14 Jun 2018
      The word tourist describes someone who is visiting South Africa for a limited time and is probably not going to buy a property here – so why is the tourism industry so important to the real estate sector?
    • 14 Jun 2018
      Serengeti Estates has entrenched its status as one of Johannesburg’s most desirable addresses for a spectrum of homeowners with its launch of The Signature Residences, a new cluster village.
        
    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