News that the 45 year old Southdale shopping centre is undergoing a R70 million revamp has added fresh impetus to the rejuvenation of the residential property market in this older suburb, as well as the surrounding areas of Booysens, Ridgeway, Robertsham and Turffontein.
This apartment offers two bedrooms, one and a half bedrooms, an open plan lounge, dining room and 24-hour security. It is priced at R390 000 - click here to view.This is according to Spencer Morby, area specialist for Chas Everitt International, who says large numbers of young buyers attracted by affordable pricing, good schools and the proximity of these suburbs to the Johannesburg CBD have been moving in and steadily upgrading their homes for the past few years, to the benefit of the overall area.
As it is, the area continues to grow in popularity among a wide range of home buyers; from working singles to young families, to well-established business executives and professionals such doctors and lawyers, with the major drawcard being the proximity of these suburbs to the centre of Johannesburg and quick, easy access via the freeway network or public transport.
Morby says affordability is also a big attraction for younger buyers, with one bedroom flats available at prices from R350 000 to R750 000 and two bedroom options on sale for between R550 000 and R800 000.
He says for families, however, schools and colleges are also an important consideration, and this area offers some excellent public and private options, including the Robertsham and Winchester Ridge primary schools, Sir John Adamson and Hoërskool President. Comfortable family homes in quiet neighbourhoods close to these schools cost an average of around R1.2 million, he says.
For young married couples who are keen on renovating an older home, he says there are fixer-upper houses on stands of around 1 000 square metres available for around R850 000, while fully renovated, more luxurious properties in these suburbs generally sell for around R1.3 million.
Morby says several mosques have also been built in the area in the past few years, and this has also added to its appeal for many Muslim buyers from Lenasia and other suburbs further from the centre of Johannesburg.
Morby says the city council has also put money into infrastructural elements such as the local roads and parks, and the increased appeal of these suburbs is reflected in the fact that the average upper price limit for homes has moved from around R700 000 in 2006 (when the property market was really booming) to about R1.4 million now. He says this has no doubt also played a role in the decision by the owners of the Southdale centre to go ahead with a multi-million rand upgrade.
Chris van Reenen, a director of 1Eighty, says the company’s research ahead of the overhaul showed that Southdale had excellent prospects, as it enjoyed strong support from the employees of businesses in the area, as well as residents of the densely-populated surrounding areas - who are mostly young (aged 20 to 44), middle-income people with families.
The upgrade involves the modernisation of the centre’s public spaces, expansion of its fashion and food offerings and the creation of more parking, and the first phase is due for completion in December. Morby says this is another strong mark of confidence in this area and will, in turn, give more homeowners here the confidence to invest in improvements.
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