Situated on the East Rand of Gauteng, Germiston was initially established in the early days of the gold rush when two prospectors struck their fortune on the farm of Elandsfontein. The one’s name was John Jack who was originally from a farm called Germiston near Glasgow and the other was August Simmer from Vacha in Germany.
76.9 percent of homes sold in Germiston Central between December 2012 and November 2013 were priced below R400 000, while the remaining 23.1 percent of properties sold during this period were priced between R400 000 and R800 000.
After news spread of the men finding gold, the town sprang up next to the mine and by 1921 the world’s largest gold refinery, known as the Rand Refinery, was established in the area. According to statistics around 70 percent of Western civilisation’s gold passes through this refinery.
Today, Germiston forms the seat of the Ekurhuleni Metropolitan Municipality, which includes most of the East Rand and is considered part of greater Johannesburg.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says it is interesting to note how many young buyers are buying properties in Germiston central.
He says according to Lightstone data, 80 percent of recent buyers were between the ages of 18 and 35 years old, while the remaining 20 percent were between the ages of 36 and 49 years old. On the other side of the property transaction the largest demographic of sellers (40 percent) are those over the age of 65 years old. Currently the largest group of existing homeowners in the area are between the ages of 36 and 49 years old, followed by their younger counterparts below 35 years old.
Goslett says the property in Germiston Central consists of 59.21 percent freestanding homes and 40.79 percent sectional title units. He says the average price of a freestanding home jumped from around R166 000 in 2006 to a record high of R566 000 in 2007. The price dropped in 2008 and has gradually decreased up until 2011.
Both sectional title unit prices and freestanding home prices saw improvement in 2012 and continued on their upward trend last year.
He says sales transactions peaked in the area during 2006, with the number of sales transactions five times more than the volumes seen during the previous year. Sales volumes decreased in 2007 and have remained fairly flat ever since.
Goslett says 76.9 percent of homes sold in Germiston Central between December 2012 and November 2013 were priced below R400 000, while the remaining 23.1 percent of properties sold during this period were priced between R400 000 and R800 000.
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