Benoni's Rynfield bucking the trend

In comparison to property prices on a national scale, Benoni's Rynfield has been bucking the trend of slower growth in the property market. This quiet suburb's average property price has reflected an upward trend since 2001.

Deeds Office info reveals that six years ago, the average price for freehold property in Rynfield was R306 819. Using transfer data from January last year until the present, the average freehold average price currently stands at R1 035 152. In the years in between there is a similar upward movement of average prices; 2002 had an average of R377 557, 2003 of R473 753, 2004 of R620 625 and 2005 of R 775 513. In 2006 Rynfield's average property price broke the R1m barrier that the national average has been heading rapidly towards when it reached R 1 027 237.

The number of transfers recorded in this suburb shows a similar upward movement as the number of freehold properties changing hands has been above 2000 for the past six years, with a continued rise in transfer volumes from January 2004 until December last year. This is high compared to nearby suburbs such as Morehill, which saw only 59 freehold property transfers in 2006 while 256 transfers were recorded in Rynfield in the same period.

Local estate agents attribute Rynfield's popularity with buyers to the fact that most parts of the suburb are quiet, stands in the area are big and it is proximate to shopping centres, schools and Pretoria Road which leads to the highway. Pretoria Road is a very busy road in the area and several properties along this road are now being used for commercial purposes after gaining business rights from the local municipality. As a result, properties in this particular street are seeing demand from business owners. Also, the sought after Ebotse Golf Estate is situated in Rynfield and it accounts for a sizeable portion of buyer interest.

Property prices in this suburb start around R900k but the majority of activity is seen above R1m. Houses in the R900k price range are reportedly hard to come by in Rynfield, Anneke Mattheyse is an area agent from Aida in Benoni and she points out that a property that is currently on the market for R950k is in a dilapidated state.

South African buyers have been referred to as increasingly astute when it comes to area and property selection and in Rynfield most potential buyers are willing to buy slightly older houses for close to R1m with the intention to renovate. Mattheyse also reports that a property in the area was recently sold for R2,5m to a cash buyer. The four bedroom, two bathroom home sold within a week. It is this type of buyer behaviour and the fact that Rynfield's average annual price growth has been over 30% from 2003 until last year that places the suburbs' future prospects in a positive light. - Ntokozo Maseko

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