The vibrant northern suburb of Sunninghill in Sandton, Johannesburg, is becoming increasingly popular with young professionals as it not only offers not only a wide selection of properties from affordable starter apartments to upmarket family homes, but also easy access to all the major commercial areas.
This property in Sunninghill, Sandton, has two bedrooms and open-plan living areas. It is on the market for R1.699 million - click here to view.This is according to Jade Bradnick, area specialist for Lew Geffen Sotheby’s International Realty, who says first-time investors can get their foot in the market from as little as R550 000, with prices ranging all the way up to around R4.5 million for a spacious modern cluster or one of the few remaining freehold houses.
“Depending on size, condition and location of the complex, sectional title properties range up to about R1.8 million for a three bedroom unit at the top end of the market, with clusters and houses selling between R3 million and R4.5 million in the upper-market segments,” she says.
“The most active price band is the lower- to mid-market segment, with properties under R2.5 million being most in demand.”
Bradnick says the majority of new investors are first-time buyers and young families, but Sunninghill also has an active market of buyers who are already residents, but looking to upgrade or downscale as many will not consider leaving the area.
This two bedroom house in Sunninghill offers three reception areas and a patio. It is on sale for R2.6 million - click here to view.Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says the market in Sunninghill has improved significantly since the last credit crunch in 2008, experiencing a high turnover of properties as well as offering a high return on investment.
“Accessible markets with a varied property selection like Sunninghill which have enjoyed a continued growth in demand are likely to weather the current economic slump better than most areas, and we have already started to see the pattern for 2016," he says.
“Certain investors who are worried about where the economy is going are looking to sell off additional properties to free up cash, whilst other investors believe property to be the safest investment currently and are choosing to bite the bullet for the security of owning an asset.”
Bradnick says on average there are between 15 and 25 show houses every weekend in Sunninghill, while in surrounding areas there are at most between 10 and 15.
Another factor that is driving the market is the adjacent Waterfall development which is currently under construction.
This home in Sunninghill, Sandton, offers three bedrooms, three reception areas, study, covered patio and landscaped garden. It is priced at R5.2 million - click here to view.Bradnick says not only will Sunninghill residents have easy access to one of the largest malls in Africa, but demand will surge as many employees will not be able to afford to buy property in the high-end residential areas surrounding the development.
“This will drive the investment market even further as the demand for rental property increases.”
This market is already active as Sunninghill has a substantial commercial component and is home to large companies such as Acer, Eskom, Price Waterhouse Coopers, RCI and Unisys, many of which regularly bring in staff from other areas in South Africa and abroad.
Bradnick says the successful co-existence of the residential and commercial sectors in Sunninghill offers many residents the benefit and convenience of working close to home, which is rare in Johannesburg where traffic congestion and long commuting hours are the order of the day for most people.
However, the suburb’s location also offers easy access to the M1, M3 and R101 freeways, which link them directly to the Sandton and Midrand city centres.
“Young families are also drawn to the suburb as there are many preschools in the area, as well as a nearby primary and high school. It is also within the catchment area for Rivonia Primary School,” says Bradnick.
