03 Dec 2012
Demand for homes in Germiston has escalated rapidly in the past three months and stock is being taken up fast with homes that were regarded as overpriced a few months ago now finding ready buyers.
Madelein Muller, manager at the local Aida estate office, reports that the market was subdued until the end of winter with plenty of stock available. "But after the July cut in interest rates, excess stock was taken up quickly, even at asking prices that a few short months ago were regarded by buyers as too high.
"And at the current levels of demand, we expect that prices may actually start to rise in a month or two as stock becomes scarcer," she says.
Entry-level homes are in particular demand and units priced from R650 000 to R750 000 are selling fast in areas such as the city centre, Primrose and Birdview. Buyers are mainly upwardly mobile consumers from surrounding areas such as Katlehong, Vosloorus, Jeppestown and Malvern, who see good value in units with three bedrooms, two bathrooms and a garage in this price range.
Homes in the mid-market range are currently also selling well at around R850 000. Properties at this price typically offer up to four bedrooms, two bathrooms, family rooms and a pool and are popular among buyers with families.
Larger homes in areas such as Dawn View, Fisher’s Hill and Primrose Hill have also overcome price resistance among the new buyers streaming to Germiston. Priced at R900 000 to R1,1m, homes in these areas often feature good views, and many have separate cottages, granny flats or staff quarters. Most homes have tile roofs, creating an attractive profile on the hillsides.
"Compared to median prices for this class of property elsewhere, Germiston offers excellent value - a fact not missed by new middle-class buyers looking to settle their families in spacious homes in established suburbs," says Muller.
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