Benoni property market on the march

The Benoni property market on the East Rand has taken off and many homes offered at market-related prices are now selling literally within  a few days of listing says local Chas Everitt Benoni franchisee, Andre van der Merwe.

3 Bedroom House for sale in Lakefield, Benoni

"Comfortable family freehold homes in established Benoni suburbs such as Farrarmere and Northmead are in particularly high demand among East Rand buyers who are upgrading from townhouses and flats, and we have recently sold a number of homes in these areas within a week of listing them being listed as for sale."

He says upgraders are typically in their mid-30's to early 40s and are buying large Benoni homes to accommodate their growing families - and that these two suburbs fit the bill perfectly because they offer sturdy, spacious homes on extra-large stands of 1000 square metres to 1400 square metres. "Many also offer modernised and upgraded bathrooms and kitchens, and the price is right at between R950 000 and R1,6 million."

Meanwhile the Ebotse Golf Estate, the "crown jewel" of the Benoni property market, is also doing exceptionally well after a relatively quiet 2013, Van der Merwe says. "The Ebotse Golf Estate is about 80% completed and with a diminishing number of stands available, prices have almost doubled since last year, from around R850 000 to R1,3 million."

Home prices in the highly popular Ebotse Golf Estate start at around R3,4 million for a home with a 300 square metre footprint while large luxury homes are on the market at prices up to R23 million, and cash buyers have made a strong showing in the estate this year, he notes. "Such buyers are usually businessmen running large companies and because no mortgage bonds are involved, these transactions are concluded swiftly."

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