03 Dec 2012
A stone’s throw away from Sandton’s financial hub, the suburb of Morningside has somehow managed to retain its quiet atmosphere, despite being surrounded by the hustle and bustle of an ultra-cosmopolitan city centre.
The leafy suburb consists of freestanding homes, secure townhouse complexes and estates. It stands in stark contrast to the commercial capital’s highrise skyline, which is dominated by modern chrome and glass finishes.
According to Lightstone, the average price of properties in the area has shown growth and surpassed prices seen during the boom period. The average price of a freestanding home is currently R3.670 million, with a sectional-title home costing R1.438 million.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says these are remarkable figures considering the pressure that property pricing has been under since the recession period. He adds the figures point to the importance of considering location when buying property.
Goslett says market activity has been dominated by buyers between the ages of 36 and 49. He says buyers in this age group make up 34.97 percent of recent sellers, 35.63 percent of recent buyers and 38.02 percent of existing homeowners in the area. Buyers between the ages of 18 and 35 have also made their presence felt, accounting for 34.94 percent of recent buyers.
Goslett says sectional title units have performed well, with 264 units and 83 freestanding homes sold over the last 12 months. The majority of the freestanding homes sold for R3 million or more, while most of the sectional title units ranged between R800 000 and R1.5 million.
The number of properties sold within estates between November 2011 and October where split equally between the R1.5 million to R3 million bracket and those priced above R3 million. Properties in the area consist of 69.07 percent sectional title units, 12.52 percent freestanding homes and 18.41 percent estates.
Due to its prime location and proximity to the Sandton CBD, Morningside attracts many buyers who work in the financial district, says Goslett. He adds while the area is remarkably close to all the upmarket amenities in the Sandton area, it also offers a quieter alternative to the Sandton City lifestyle. Residents in the area have access to schools and many top notch coffee bars and restaurants.
All these elements have boosted demand for property in the area and ensured the properties maintain their value, proving to be a sound investment option over the long term, says Goslett.
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