At just 4.4% as of the end of March 2022, house price inflation grew at the slowest rate in Gauteng, according to Lightstone Property’s latest newsletter. The national average annual inflation according to this report is 4.51%. This presents opportunities for those searching for homes on a tight budget.
When budgets are tight, buyers ought to consider the suburbs that are somewhat overlooked and present good value for money. “According to our business development consultants in the area, a few areas in Johannesburg that offer good value for money considering what they offer in terms of location and good schools include Kensington, Brackenhurst, Brackendowns, Mondeor, Glenanda, Weltevreden Park, and Allens Nek,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
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Nadia Aucamp of RE/MAX All Stars adds that Delville, situated right next to Lambton, offers lovely older houses at very reasonable prices. “Clients who can’t afford the higher prices of Lambton and Parkhill Gardens often find their perfect home in Delville at the price they can afford. Prices start from R1,100,000 in this area,” she says.
Albemarle is another option that presents many opportunities for house hunters on a tight budget. “Located right next to Alberton, Albemarle offers plenty of entry-level properties in the form of sectional title units, new complexes, as well as the older slightly bigger complex, or flats. Prices start from R600,000 which makes it a popular and cost-effective area for first-time buyers who want something more for their budget than what Alberton can offer,” says Aucamp.
Lastly, Aucamp recommends Sunnyridge as an ideal location for families who want to be close to good schools and don’t want to live in central Johannesburg. “Prices start from R1,600,000 in this area, situated right next to Bedfordview and with easy access to highways and byways. In this area, you will find older homes with lovely views at exceptionally good value for money.”
Purchasing property is never inexpensive, but there are deals to have for those who are willing to extend their search parameters and maybe consider areas they had not considered before. “Ultimately, if a buyer cannot afford a home that has all the items on their wish list, they need to decide whether to compromise either on the size and features of the home or its location. Working with a reliable real estate professional can help buyers see what their budget can afford them, which can make it easier to decide on the way forward,” Goslett concludes.
