The question is where? Which suburbs are experiencing the most sales and which are doing best in terms of price growth?
According to the Gauteng Property Price Indicator, produced annually by Lew Geffen Sotheby's International Realty, there were 11 suburbs in the Greater Johannesburg metro where the number of freehold home sales in the past 12 months exceeded 200, and 25 more where the number of homes sales was over 100.
The indicator, which is compiled using Deeds Office figures, also shows that there were 17 suburbs in which the average home sale price achieved, climbed by more than 100% over the past year.
The suburb with the highest number of freehold sales was Kensington, followed by Bryanston and Randpark Ridge.
The Sotheby's stats also show that the suburb with the highest increase in the number of sales over the past year was Lyndhurst (76% up to 51 sales), followed by Hyde Park (75% up to 63) and Bramley (74% up to 54).
The highest increases in the average sale price were achieved in Florida Glen (from R529k to R1,8m), Mayfair West (from R565k to R1,65m) and in Floracliffe (from R557k to R1,6m).
However, these were clearly not the suburbs where the highest prices were recorded. The figures reveal that there were at least 14 suburbs where the average freehold selling price in the past year exceeded R5m, the foremost among them being Sandhurst, Hyde Park, Dunkeld West, Westcliff, Inanda and Illovo. Also included were Chiselhurston, Rosebank, Parktown, Melrose, Hurlingham, Wierda Valley, Ferndale and Honeydew.
The indicator also reveals that while the overall number of sales fell in all sectors of the metro, prices generally held their own. The drop in sales volume, while more severe since the start of 2008, was 3% year-on-year (y-o-y) in the eastern suburbs, 5% in the northern suburbs, 6% in the central suburbs and 16% in the western suburbs.
However, the total value of sales y-o-y rose in all sectors except the upmarket northern suburbs, where it fell by 21%.
For more information contact Lew Geffen on 011 886-8070.
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