Fourways property is an excellent investment in both monetary and in lifestyle terms – and an even better choice at the moment because prices are somewhat depressed, says local Rawson Property Group franchisee Steve Goosen.
“The latest housing statistics from Absa indicate that home prices in Johannesburg’s northern suburbs have risen by an average of 5,2% in the past 12 months, but Deeds Office figures show that in Fourways specifically, the average house price has actually declined by around 6,3% this year and that the average sectional title unit price has dropped by around 13,8%,” he says
“This is largely due to the launch of a number of new developments that will add a total of almost 900 new units to the local market and increase the total number of homes here by almost 50%. And it has created a window of opportunity for astute homebuyers and investors to buy into this highly-popular area that, over the longer term, has delivered excellent returns.
“Since 2009, home values in Fourways have grown by an average of 48% and sectional title unit values by an average of 45% and, based on current demand and the rate at which the available stock (new and pre-owned) is being absorbed, we expect this upward trend to resume shortly.
“Since 2009, home values in Fourways have grown by an average of 48% and sectional title unit values by an average of 45% and, based on current demand and the rate at which the available stock (new and pre-owned) is being absorbed, we expect this upward trend to resume shortly.
“Taking advantage of the current competitive pricing would thus be a smart move.”
Goosen says demand in Fourways is unflagging because the area offers a great range of properties to suit all types of buyer, and because it is to a large degree self-contained.
“It has a great choice of properties to suit a range of buyers, including sectional title apartments and townhouses for younger people, freehold cluster homes and large freestanding homes on stands averaging around 1500sqm. And prices vary accordingly, from around R560 000 for ultra-modern studio apartments all the way up to around R4,3m for a luxury thatch home on a 3300sqm stand that we are currently marketing.
“Then there are the lifestyle and golf estates in Fourways such as Dainfern, Fourways Gardens, Mont Tremblant and Sarantan, where the advertised prices for modern five and six-bedroom executive mansions currently range up to around R8,9 million.”
Prospective buyers also appreciate the fact, he says, that with all the development in Fourways over the past few years, “virtually everything one needs is right on the doorstep, from top schools and shopping malls to office parks and entertainment venues.
“This is an especially big lifestyle plus for the young professionals and executives who currently account for about 33% of buyers in Fourways, and make the most of the retail, restaurant and entertainment variety provided by Montecasino, the Fourways Mall, the Design Quarter and Fourways Crossing, as well as fitness facilities such as the Virgin Active gym in Fourways Mall and the CycleLab.
“However, buyers aged 35 to 50 with young families are actually the dominant force in the market here, accounting for around 43% of all purchases, and that’s because of the excellent schools in the area and within easy reach, including Fourways High, Crawford Fourways and the St Peter’s schools.
“This cuts commuting time and frustration for parents, especially if they also work in one of the northern office nodes like Sunninghill or Fourways itself instead of having to deal with traffic on the routes to Sandton, Midrand, Randburg or Johannesburg.”
Meanwhile, Goosen says, an ever-increasing number of property investors are targeting the buy-to-let market in Fourways, because of the strong demand for rental accommodation here among people working in Sandton or in one of the many local office parks.
“In addition, rental properties in Fourways generally sell for around R10 000/sqm to R12 000/sqm, while those in neighbouring Bryanston and Sandton usually sell for at least R15 000/sqm, and this saving on initial capital outlay means that Fourways landlords can earn good returns at lower rentals – which in turn attract even more prospective tenants.”
For more information, contact the Rawson Property Group's Fourways franchise on 011 465 9426.
