Randburg is the first-time buyer’s dream area and offers young investors a broad range of affordable suburbs and property options; from aspirant professionals to young couples seeking a traditional family home.
Well-situated in Johannesburg north alongside prestigious neighbouring suburbs like Morningside and Bryanston, it offers excellent value in a high value region as well as close proximity to every convenience one could need. Randburg residents enjoys easy access to major arterials and also to the greater Sandton area. It also boasts numerous first-rate shopping centres, medical and sports facilities and excellent private and public schools.
Cobus Odendaal, Managing Director for Lew Geffen Sotheby’s International Realty in Randburg says a budget of R1.5 million to R2 million will buy a spacious three- to four bedroom freestanding family home on a sizeable plot in suburbs like Randpark Ridge, North Riding, Malanshof, Ferndale, Olivedale and Sharonlea, depending on condition and finishes.
Those seeking the lock-up-and-go convenience of an apartment have a wide selection from which to choose, starting at around R600 000 for a compact two bedroom flat through to around R1.8 million for a modern unit with all the mod-cons and often a private garden as well.
Odendaal says Randburg has been bursting with activity and sales in this property sector during recent months. The area consistently performs and remains very popular with first-time buyers, experienced investors and young families who finds great value and comfort here.
"There are also many of our buyers seeking free-standing homes with a garden cottage or that has the potential to add a second flatlet or cottage. This is mainly driven by families that move in together, and where one of the parents or both assist with parental duties of their grandchildren."
In 2020, more than 5 700 properties were sold in the Randburg area, according to Property24 Trends Data, with the average sale price for erven being R1.79 million and for sectional scheme units with an average of R852 000.
The trend over the past five years with an average of over 7 300 properties sold per year (2015 to 2019), indicates a marked drop in registered sales for 2020. Hard lockdown took effect within the second quarter of the year, impacting the South African economy, and specifically the property industry's ability to do business.
As a result, pent-up demand due to the Covid-19 pandemic and restrictive lockdown measures will continue to impact trends, with average sales per year only expected to recover towards the end of 2021.
The latest property listings on Property24 show that two- and three-bedroom homes are most widely available. Some 40% of buyers interested in making Randburg their home are below the age of 49-years. While sellers in the area fall within the 36-49 years (42%) and 50-64 years (25%) age group.
Click here to see all the latest trend data for Randburg
Families buy together and that increases their affordability, and then they also share in the monthly running costs of the property.
A lot of this is also driven by the low interest rate, which increase affordability and the fact that with the Covid pandemic, more and more people are working from home and need that extra working space in terms of a study or office, says Odendaal.
Want all the latest property news and curated hot property listings sent directly to your inbox? Register for Property24’s Hot Properties, Lifestyle and Weekly Property Trends newsletters or follow us on Twitter, Instagram or Facebook.
*Property24 Listings Data Disclaimer: The trends detailed in this article are based on Property24 listings, current at the time of publishing, and property transfer data supplied by Deeds offices, which typically take 3-4 months to reflect. Suburbs are listed according to Property24's geographical database. In some areas this will include both commercial and residential properties. The age demographic data of buyers, sellers and stable owners is determined over a six-month period. These Property Values should not be used as a substitute for independent professional advice and is subject to Property24.com Terms and Conditions.
Print
