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Big demand for affordable, secure living in Johannesburg South

Jun 15 2018 15:37

In Johannesburg South there is a big demand for affordable, secure living, according to a Seeff Property Group survey.

Buyers are looking for homes with modern finishes and homes with cottages or granny flats on the same premises.
 
Seeff’s licensees in South Crest, Glenanda, Kibler Park, Oakdene, Meyersdal and Midvaal agree that buyers in Johannesburg South are mostly interested in obtaining property priced between R750 000 and R1.5m.
 
Homes with two or three bedrooms and two bathrooms that are either full title or located in security complexes are most sought after.
 
With regard to rental property, the price range between R6 000 and R10 000 is most sought after. Rental homes or townhouses in this range usually include two or three bedrooms, two bathrooms and a small garden for children or pets.
 
Seeff licensees report that sales in the luxury sector are noticeably slower than in the affordable price range, mainly because many luxury homes are regarded as overpriced.

Rental demand

Suzanne Ridolfi of Seeff South Crest says the rental demand in this area is extremely high, and they experience stock shortages in sales stock priced between R850 000 and R1.05m.

While there is no noteworthy new development taking place in South Crest, there is currently a huge demand for retirement villages and affordable, secure living.
 
Russell Theron of Seeff Glenanda says this area has seen substantial growth since the beginning of the year and, while they have sufficient stock levels, many properties in the area are priced "incorrectly". Trends here include a big demand for secure homes - both townhouses in security complexes and estate homes.

Trevor Sturgess of Seeff Kibler Park says while the market here is slow, there is good demand for correctly priced property, to the extent that they are experiencing stock shortages in this category. High-end homes with modern finishes for under R1.6m are very much in demand in Kibler Park.
 
Gary du Toit of Seeff Oakdene says business here has been competitive. The area is also seeing many foreigners willing to pay cash for properties, and bonds (with a deposit) are easier to obtain this year compared to last year.
 
Du Toit adds that challenges here include overpriced properties from "unrealistic sellers". He believes that in some areas listing prices have gone up by as much as 20%, without any reason to warrant the increases.
 
Frans van Staden of Seeff Meyersdal says business has been a little slower in February and March, but there has been a slight improvement in April and May since the political situation in the country has stabilised somewhat. There is a high demand in the area for good rental properties.

Turmoil surrounding land expropriation without compensation has caused offers to purchase in the Midvaal area to decline, while listings have increased, according to Gregory Libera from Seeff Midvaal.

He says the area consists of many agricultural-type properties.

According to Libera, there are no significant mid-market or luxury developments taking place in this area at the moment, but Savanna City, which is a low-cost project incorporating RDP homes, is under way.

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