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Property keeps storming ahead

If there was ever any doubt about the SA property market being on an upward path, it should be dispelled by the latest figures from Sotheby’s International Realty.


5 Bedroom House for sale in Houghton Estate
 
These show that more than R5bn worth of freehold homes were sold last year in the 10 most active of Johannesburg’s northern suburbs – compared with R4bn worth in 2012. In addition, at least another R1,7bn worth of properties were sold in the city’s 10 most expensive suburbs, compared with R1,1bn worth of sales in these areas in 2012.
 
“And we are confident that 2014 will prove to be an even better year,” says Lew Geffen, chairman of Sotheby’s International Realty in SA, “especially now that the elections are over and the ‘wait and see’ element has been removed from the market.”
 
The company’s latest statistics, drawn from Deeds Office records, show that the busiest property sale area in Johannesburg last year was Bryanston, with 389 freehold home sales valued at an average of R4,6m each.


3 Bedroom House for sale in Parkview
 
The next most active areas were Parkhurst, with 187 freehold sales valued at an average of R2,6m each, and Westdene, with 148 properties sold for an average of R1,2m (see Table 1).
 
When it came to big ticket properties, Sandhurst topped the list as usual, with an average price of R13,4m paid for 26 freehold properties sold. Illovo was next on the list, with an average price of R9,3m paid for 15 properties sold, followed by Dunkeld West with 15 properties sold at an average price of R8m each (see Table 2).
 
However, Geffen notes, the highest priced properties in SA last year were still to be found along Cape Town’s Atlantic Seaboard, where an average price of R21,3m was recorded for Clifton, an average of R10m for Bantry Bay and an average of R8,6m for Fresnaye.
 
“And it will probably be some time before Johannesburg’s richest suburbs get up to the R20m average price level, even though there have been some properties sold recently for far more than this.
 
“On the other hand, Johannesburg has the sales numbers, and our figures show that these have continued to rise this year despite an interest rate increase in January and the rising cost of transport, food and utilities. The demand that was pent up in the years immediately following the recession has now been uncorked and shows no sign of abating at the moment.”

Table 1

10 MOST ACTIVE AREAS IN NORTHERN JOHANNESBURG, 2013

SUBURB

NO OF SALES

AVERAGE PRICE

Bryanston

389

R4,6m

Parkhurst

187

R2,6m

Westdene

148

R1,2m

Houghton Estate

117

R5,5m

Fourways/ Gardens

111

R3,6m

Greenside & Ext

109

R2,8m

Craighall Park

84

R3,2m

Parkmore

82

R3,2m

Morningside

81

R5,6m

Melville

78

R2,5m

Source: Lew Geffen Sotheby’s International Realty

Table 2

10 HIGHEST PRICED AREAS IN NORTHERN JOHANNESBURG 2013

SUBURB

NO OF SALES

AVERAGE PRICE

Sandhurst

26

R13,4m

Illovo

15

R9,3m

Westcliff

16

R8,6m

Dunkeld West

15

R8m

Melrose Estate

5

R7,1m

Hyde Park

47

R6,7m

Morningside

81

R5,7m

Melrose

10

R5,6m

Houghton Estate

117

R5,5m

Saxonwold

26

R5,1m

Source: Lew Geffen Sotheby’s International Realty





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