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11th Jun 2022

Architect Africa Online

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First-time buyers and young families attracted by Randburg’s affordability and value

Randburg is the first-time buyer and young family’s dream area as it offers a broad range of affordable suburbs and a variety of properties to suit all lifestyles, from aspirant professionals wanting modern lock-up-and-go convenience to young couples seeking a traditional family home. So says Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, adding:

“Residents also enjoy easy access to major arterials and also to the greater Sandton area and Randburg boasts numerous first-rate amenities, sports facilities and excellent private and public schools. “And, being well-situated in Johannesburg North, alongside prestigious neighbouring suburbs like Bryanston and Morningside, Randburg affords buyers excellent value in a high value region.”

RANDPARK

“This is one of very few remaining suburbs where the property landscape is still 100% freehold and, as such, it’s very popular with families,” says Francois du Toit, Chief Operating Officer for the group in Randburg. “For around R1.7m, one can still buy a three-bedroom house which will probably need a little modernisation but this allows you to put your personal stamp on it over time and as the budget allows.

“From R2.3m, you get a spacious, modern family home with a sizeable garden and at R4m, you are buying an expansive home, often with enough space for generational living.” According to Lightstone data, over 90% of all recent buyers during the past year were aged between 22 and 49 (38% 35 or younger) and the 2021 record median price of R1.812 million was already broken this year when it reached R2.1m before the end of March.

BLAIRGOWRIE

“This suburb is also 100% freehold, (1.3% are in estates), and is very popular with families as the suburb is home to both a primary and high school, which is clearly evidenced by the fact that 84% of recent buyers were aged between 22 and 49,” says Du Toit. “The popularity of the suburb has kept the median house price hovering around R1.8m since 2016, reaching an all-time high of R1.905m last year, but what is equally notable is the spike in vacant land sales last year with 28 registrations compared to the previous high of 15 in 2019.

“And lasts year, there were 194 property registrations, just two less than the record-breaking number (196) in 2015.” Most of the houses in Blairgowrie are priced between R2m and R3m, but there are still gems to be found for around R1.8m and R4m buys you a spacious home with top end finishes.

FONTAINBLEAU

Well-situated just off Republic Road and close to the N1 and Malibongwe Drive which connects Randburg with Northgate, this tree-lined suburb is almost 80% freehold. “We’ve seen a spike in median sectional title price which reached R1.4m this year, considerably higher than the previous record of R850 000 in 2014 and last year, the freehold median price hit a record R1.9m,” says Du Toit. “This suburb really does cater for all budgets, starting at around R350 000 for a one-bedroom flat, all the way up to around R5m for a spacious home with at least 6 bedrooms and often a separate flatlet.”

BORDEAUX

“Although the majority of homes in Bordeaux are freestanding (87%), property options are quite varied and include apartments, townhouses and cluster homes in security complexes. “And, with 44% of recent buyers being under the age of 36 and 89% of sellers being 50 or older, new buyers in this suburb are of a younger demographic, so it’s ideal that Bordeaux is centrally situated near to several schools and home an array of amenities and entertainment options.” Lightstone data further shows that the freehold median price has increased steadily in recent years, from R1.7m in 2017 to a record high of R2.3m in March 2022.

“An affordable R1.8m can buy you a comfortable three-bedroom house or a modern three-bedroom townhouse and, with flats starting at about R890 000, it’s also a good area to get a foot onto the investment ladder. “With a bigger budget, of between R2.5m and R2.9m, you can find a beautifully renovated house with a lovely garden.”

NORTH RIDING

“Almost half of the homes in North Riding are still freehold, but the majority of these are in estates and, with security being a priority these days, it’s no surprise that there were 158 property registrations in this suburb last year, the highest number since 2015,” says Du Toit. “And last year’s record high median house price of R1.8m in 2021, has already been topped this year, reaching R1.9m in March.

“The median sectional title price rose from R1.1m to R1.285m last year, dipping only slightly to R1.218m this year.” Apartments range between R600 000 and R1.2m, townhouses start at around R800 000 for a two-bedroom unit, and R2.6m will buy you a modern three-bedroom home with a decent sized garden. Houses are priced between R1.2m for a two-bedroom home and R3m for a spacious modern house.

MALANSHOF

“This well-established suburb is sought-after as a residential address for its’ stable property market and prime location offering easy access to thoroughfares, amenities and industrial and commercial hubs. “Around 65% of properties are freehold and the house median price reached a record high of R2.1m this year whilst the sectional title median price jumped to R1.1m after hovering around R960 000 for three years.

“There was also a record number of registrations (43) last year, with eight more than the previous high of 35 in 2018.” Very accessibly priced, two-bedroom flats are priced around R700 000, three-bedroom townhouses with compact gardens are priced between R800 000 and R1.3m and around R2m will buy you a lovely three to four-bedroom house with a large garden.

FERNDALE

“Although 63.71% of homes are now sectional title, but houses remain popular as they offer excellent value. “Demand for homes in this suburb is corroborated by Lightstone figures which show that both the freehold (R2.05m) and sectional title (R816 000) median prices reached record highs last year. “And with 52% of buyers aged 36 or younger, this is a vibrant, family-oriented neighbourhood.”

This suburb truly has something for everyone, with houses prices ranging between R1.9m and R5.3m and those looking to get a foot on the property ladder can do so for around R600 000 for a modern one-bedroom apartment. And for first-time buyers with families, townhouses start at around R900 000. Randburg has been a hive of activity during the past year,” concludes Odendaal, “and it’s been especially popular with young and first-time buyers who were taking advantage of the record low interest rate.” “The area not only offers excellent value, the market consistently performs and continues to attract first time buyers, experienced investors and young families who finds great value and comfort here.

The post First-time buyers and young families attracted by Randburg’s affordability and value appeared first on Everything Property.

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