Fourways Mall set to boost property values in surrounding suburbs

The largest shopping centre in South Africa has recently opened its doors. Fourways Mall boasts a total of 450 shops and covers an astounding 178 000sqm. This new development is set to be a huge drawcard for the area, which in turn will undoubtedly influence the values of homes in the surrounding suburbs. 

This three bedroom, two-and-a-half bathroom home in Waterford Estate, Randburg, offers a gourmet kitchen, undercover patio and pool. It is selling for R3.59 million - click here to view.

According to Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, developments of this kind can bolster property values over time. Demand will drive prices up as the area grows in popularity. Savvy investors will get into this market early to get ahead of the price curve.

This two bedroom apartment in Magaliessig, Sandton, has access to communal pool, tennis court and bar. It is on the market for R1.075 million - click here to view.

Seconding this opinion is area expert, Abby Goodford, Broker/Owner of RE/MAX One Hundred.

“This kind of development can only bode well for the suburb. This new mall means that whatever you need will be right at your doorstep, creating a true live, work, play lifestyle for all who choose to live in Fourways,” says Goodford.

This three bedroom, two-and-a-half bathroom townhouse in Fourways, Sandton, offers a covered patio overlooking the pool and garden. It is selling for R1.899 million - click here to view.

“It is definitely a buyers’ market right now, and I would urge investors to look our side, keeping in mind that the mall will have an effect on the surrounding residential market, but, as with most things, it will take time. The commercial office blocks will attract an influx of new tenants and buyers, but we are still some time away for that.”

As things stand, there has been a lot of new complexes as developers have been anticipating an increase in demand. However, she says this has caused a current oversupply and tenants have a very healthy choice available to them.

This two bedroom, two bathroom townhouse in Fourways, Sandton, has a covered patio with views and access to a communal pool. It is on the market for R940 000 - click here to view.

“Because of this, tenants expect to pay less on their rental, and many landlords are finding it difficult to come to terms with the lower rental returns. Sellers in our area similarly think that they will get an instant appreciation in price, but the rules of supply and demand are still in play,” says Goodford.

Consequently, Goodford describes that in areas such as Lonehill, Paulshof and Magaliessig, landlords can expect R6 500 to R7 500 in rent for a one bedroom apartment, while a two bedroom apartment or townhouse will rent out for around R7 500 to R8 000, and a full title home for R13 000 upward.

This apartment in Lonehill, Sandton, has two bedrooms, two bathrooms, a covered patio and private garden. It is selling for R990 000 - click here to view.

For those looking to buy, a one bedroom apartment sells for around R760 000, and buyers could get away with less than R2 million for a three bedroom cluster home. For a freestanding property in Waterford Estate, this amount rises to up to R5 million.

The market does currently favour buyers and tenants thanks to the influx of new properties that have become available, but this will change in due time as the area increases in popularity.

“Investors should therefore watch this area closely to make sure they do not miss out on an opportunity while the market is in their favour,” says Goslett.

Also read: Take a peek inside the new and improved Fourways Mall