The fast-developing suburb of Fourways has emerged as one of Johannesburg's premier business, residential and lifestyle nodes.
Samantha Summerscales, Adrienne Hersch Properties Area Specialist, says, "Having undergone significant growth, investment and development over the last 5 years, the Fourways area is full of potential, with new residential, retail and commercial developments attracting even more residents to an already thriving area."
She says once a suburb on Johannesburg's periphery, Fourways has become one of the city's most lifestyle-oriented areas, offering residents everything on its doorstep and meeting buyer and tenant demand for convenience and value.
"An interesting trend is that Fourways is starting to attract residents who may have formerly flocked to Sandton, Morningside and Parkmore. Today's buyers and renters demand an increasing level of convenience, driven by growth in technology and innovation. As such, there has been a spike in demand for mixed-use developments where residents can live, work and play. The Fourways precinct offers residents a broad mix of properties, a vast range of amenities, easy access to major transport routes, and the opportunity to live close to where they work."
Summerscales says buyer and tenant demand is underpinned by the relocation of several businesses into the area due to highly competitive rentals, as well as the nearly complete renovations to Fourways Mall, which will see it growing to approximately 170 000 square metres, transforming it into a super-regional shopping centre and one of the largest malls on the continent.
The suburb has also undergone substantial infrastructure investment. Accelerate Property Fund has spent R300 million on the widening of Witkoppen Road, as well as on new flyovers into Fourways Mall. Over R1 billion was poured into upgrades to the R511, William Nicol and Cedar Roads, as well as other infrastructural enhancements by the developers of luxury lifestyle estate Steyn City.
Summerscales says she anticipates the area's popularity to climb even further in the near future due to recent announcements by the Gauteng Management Agency that Fourways and Lanseria are among the two latest Gautrain Stations planned for future development.
She says a younger demographic continues to move into the area. The latest Lightstone figures show that 33% of recent buyers in the area are aged between 18 and 35 and 47% aged between 36 and 49.
"We're seeing demand for chiefly sectional-title units from mainly young professionals and new families. There are also a number of first-time buyers. The area is very vibey and is ideal for those seeking a lock-up-and-go lifestyle."
Another factor contributing to the area's demand is value for money.
"The suburb remains competitively priced in comparison with nearby areas of Bryanston and Sandton."
Buyers can expect to pay between R650 000 and R750 000 for a studio apartment in the area, while a one-bedroom apartment can sell for between R780 000 and R900 000. Two-bedroom apartments can fetch between R1 million and R1.3 million and three-bedroom units are selling for between R1.4 million and R2 million in the current market.
Tenants can expect to pay between R5 000 to R6 000 per month for a studio apartment, R6000 to R7500 for a one-bedroom apartment, R8 000 to R10 000 per month for a two-bedroom apartment and R11 000 and R15 000 per month for a three-bedroom apartment
She says another major attraction to the area is its supportive, close-knit community.
"There are a lot of great parks for families and fur babies as well as many walking trails nearby. There are also a number of great schools in the area and world-class shopping centres on every corner. The new Fourways Mall has every shop under the sun you could want.”
Summerscales says while the rental yield in the area is slightly lower than predicted at the moment, she does foresee an increase in the near future. Sales are increasing month on month, she adds.
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