18 Dec 2012
What was once a farm has now become one of the fastest-developing areas in the far north of Sandton and today the northern Johannesburg suburb of Fourways has become a highly sought-after suburb to live in.
It has developed into an urban hub with a selection of amenities one would expect in any modern urban suburb, such as medical facilities, shopping centres, entertainment complexes and schools.
Adrian Goslett, CEO of RE/MAX of Southern Africa says Fourways is popular among young professionals and young families, as the location close to the Sandon CBD and a range of amenities appeals to these kinds of buyers.
Lightstone data indicates more than half of the property in the area are full title homes, while sectional title properties account for 32 percent and estates make up 13 percent of the property market.
While 36 percent of current owners are between the ages of 36 and 49, close to 46 percent of recent buyers have been between 18 and 35 years old. Nearly 40 percent of recent sellers have been between 50 and 64 years of age, according to information from Lightstone.
Goslett says the price of homes in the area ranges from R500 000 to R4 million, depending on the type of home and the features it offers.
Between December 2011 and November 2012, 61 percent of properties were sold in the R1.5 million to R3 million bracket, while 37 percent of estate properties were sold between R800 000 and R1.5 million. Sectional title properties account for 64 percent of sales within the same price category. Freehold homes had the highest prices, with 82 percent of sales taking place between the R1.5 million and the R3 million mark.
Freehold property sales accounted for 54 percent of property sales in the area during this time period. Of the 109 properties sold between December last year and November this year, 57 were freehold properties, while 30 were sectional title units and only 22 were within estates.
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