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High-rise apartment living in Johannesburg

04 May 2015

Luxury apartment living has really caught on now in Johannesburg, where more than 2 500 upmarket units in 22 of the city’s most sought-after suburbs have been sold in the past year. 

This Morningside apartment offers two bedrooms, two bathrooms, spacious kitchen with fitted cabinets, balcony, and access to a clubhouse and 24-hour security. It is on the market for R2.875 million – click here to view.

This is according to Lew Geffen, chairman of Sotheby’s International Realty in South Africa, who says their research shows that some 367 sectional title apartments were sold in Bryanston where there has been a considerable amount of new apartment development in recent times to meet the rapidly rising demand. 

He says the Deeds Office records reveal that the average price of these apartments was R1.3 million, while the average price of the 360 apartments sold in Morningside, closer to the Sandton business and financial hub, was R1.9 million. (See table below) 

High-end apartment sales in Johannesburg 2014/2015 

Suburb

Average price Rm

Number of sales

Dunkeld

R4.4 million

4

Melrose North

R3.7 million

36

Sandown

R3.4 million

169

Sandhurst

R2.9 million

34

Hyde Park

R2.7 million

54

Dunkeld West

R2.6 million

13

Wendywood

R2.2 million

25

Morningside/ Manor

R1.9 million

360

Oaklands

R1.9 million

14

Parkmore

R1.8 million

16

Parktown North

R1.7 million

17

Illovo

R1.7 million

126

Craighall /Park

R1.6 million

95

Rosebank

R1.6 million

80

Saxonwold

R1.6 million

16

Bryanston

R1.3 million

367

Killarney

R1.3 million

180

Fourways/ Gardens

R1.2 million

150

Houghton

R1.1 million

102

Lonehill

R1.1 million

273

Paulshof

R1.1 million

165

Sunninghill

R1 million

242

Source: Sotheby’s International Realty 

Meanwhile in Sandown, which has gained renown in recent years for its multimillion rand Manhattan style apartments and penthouses, more than 169 apartments were sold in the 12 months to end-February at an average price of R3.4 million, he says. 

Situated in Bryanston, this apartment has two bedrooms, two bathroom, an open plan kitchen, a dining room leading to a covered patio, underfloor heating, gym, swimming pool and bistro. It is priced at R1.3 million – click here to view.

“And in neighbouring Sandhurst, which is famous for its ‘trophy’ mansions and exclusive estates, there were 34 apartment sales at an average price of R2.9 million.” 

Other areas that notched up really large numbers of high-end apartment sales in the past year include Lonehill and Sunninghill, while Dunkeld achieved the highest average price for sectional title homes of R4.4 million. “And in neighbouring Sandhurst, which is famous for its ‘trophy’ mansions and exclusive estates, there were 34 apartment sales at an average price of R2.9 million.” 

Geffen says security concerns and changing lifestyles are factors in the rising demand for upmarket apartments, with many wealthy buyers finding it more cost effective to live in a luxury high-rise or gated complex than to maintain and secure a large suburban home, especially if they are frequent travellers. 

But there are also two other elements in play here, the first being the motivation to avoid the increasing traffic congestion in and around Johannesburg by acquiring a centrally-located home that enables easy access to work and all other amenities combined with top-notch security, he says. 

“And finally, many younger professionals and executives are realising that buying an apartment enables them to gain entry to the city’s top areas and enjoy the benefits of living there much sooner than if they opt for freehold ownership.” 

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