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Good value property to be had in Randburg

26 Aug 2015

Randburg is located in the north-west of Johannesburg, and became part of City of Johannesburg Metropolitan Municipality, along with neighbouring Sandton and Roodepoort, in the late 1990s.

This home in Northcliff, Johannesburg, offers three bedrooms, open-plan reception rooms and a patio with braai. It is selling for R2.4 million - click here to view.

Today, it covers an area of 168sqkm, and the 21 suburbs house 338 000 residents.

This is according to Craig McIntyre, Jawitz Properties’ Randburg branch manager, who says currently, growth in the residential market has slowed down compared to last year, when units and gross rand value were similar year-on-year.

McIntyre says the suburbs of Blairgowrie and Bordeaux are known for good value, with affordable properties within the R1.5 million range. Blairgowrie and Melville have seen significant growth in unit sales, while in Fairlands and Berario, demand is lagging in terms of sales and gross rand value.

“Shortage of stock remains a challenge. Generally speaking, there are two frames of thought. Some are nervous about the market and confidence in the country, and are therefore far more bullish about selling. On the other hand, others feel that demand will pick up in 2016 and are willing to sit it out,” says McIntyre.

“Inevitably, there are sellers who continue to have unrealistic expectations as to market conditions, which means sales take longer. Exaggerated optimism still prevails, and it's up to the industry to educate homeowners on the prevailing pricing conditions.”

This five bedroom house in Sundowner, Randburg, has an open-plan kitchen, two reception rooms and a covered patio with built-in braai. It is on the market for R2.35 million - click here to view.

However, he says sellers tend to be more open to heeding the advice of an agent when there is a genuine reason for selling.”

McIntyre says the average price in Northcliff runs into the upper R2 millions, while Boskruin levels out to the mid-R2 millions.

For those who prefer a more luxurious lifestyle, he says there are properties offering top-dollar accommodation on the slopes of the Northcliff hill from R10 million upwards.

For somewhat less, Boskruin also has many homes in the R5.5 million range.

Reasonably priced in the middle bracket are Melville, Blairgowrie, Bordeaux, Berario, Jukskei Park, Robin Hills and Robindale. All of these cost around R2 million and offer a family lifestyle with a variety of schools nearby and quick access to the major CBDs via the highways, says McIntyre.

First-time buyers have a choice between affordable properties in Ferndale, parts of Fairland and in Northriding. First- and second-time home buyers find these areas conveniently situated and well within reach of the more affluent centres such as Hyde Park and Sandton.

This property in North Riding, Randburg, offers four bedrooms, four bathrooms, a fireplace and patio leading to private garden. It is selling for R2.195 million - click here to view.

Freestanding homes and sectional title apartments still make up the majority of the sales in the area.

“Developers are slowly drifting back into the market. While this is still not a dominant factor, the slowdown in supply versus the demand could entice developers back over the next year or so,” says McIntyre.

He says in 2014, two developments, both in Ferndale and Northriding, and below R2 million, were sold out as they came on the market. And, negotiations are underway for an exclusive mandate on an eco-friendly estate for the over 50s.

“This will be a first for the area, and there are no other developments or estates that can measure up to this level of quality and lifestyle that meet the needs of this age group. This is bound to heighten demand.”

McIntyre says Randburg attracts many homeowners from up-country, but the majority of sales come from locals who are either up- or downgrading for various reasons. The foreign buyers’ market is flat at the moment.

This six bedroom house in Blackheath, Randburg, has four bathrooms, a study, wine cellar and patio. It is selling for R6 million - click here to view.

Home loan approvals have increased since 2014, when 65% were approved, compared to 2015 where the percentage jumped to 75%.

This of course points, not only to the relaxing of the banks’ lending criteria but also to the fact that the quality of buyers has improved significantly - helped by  a pre-qualification process that is now available from most bond originators.

He says for an investor wanting to enter the market on a buy-to-let basis, Ferndale and Northriding are worth considering to meet the demand for rentals.

Blairgowrie, Bordeaux and Melville have larger properties that are suited to renovation and upgrades.

Activity levels have improved, but he says this is always subject to smart price negotiations in order to realise the best returns on the investment. 

On the whole, experienced buyers are well informed as to the dynamics of an area.  However, McIntyre cautions newcomers entering this sector that careful planning and thorough research is essential before investing.

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