After a run on sectional title apartments in Randpark Ridge over the past two years, the supply of stock appears to be drying up, and prices are rising rapidly as a result, says Tim Crawford, the local Rawson Property Group franchisee.
“Deeds office records show that almost 500 sectional title units were sold in the area during 2014 and 2015, but that only 100 have been sold this year – and that there are currently fewer than 70 apartments available for sale. They also show that while the average price of these units rose by 7% between 2014 and 2015, it has rocketed by 15% since January this year.”
Nevertheless, he says, the area remains affordable for first-time buyers, with prices for one-bedroom apartments starting at around R520 000, those for two-bedroom apartments at R670 000 and those for compact three-bedroom townhouses at around R780 000.
“It is also very conveniently located with regard to businesses in Randburg, Roodepoort and Sundowner, the freeway network and a number of shopping and entertainment centres such as Randridge Mall, Honeycrest Shopping Centre, Trinity Village and the Eagle Canyon centre, where there is also a Virgin Active gym. The Clearwater Mall and Northgate are also just a few minutes’ drive away.
“So it is not really surprising that people in the 18 to 35 age group find it attractive and currently account for almost a third (31%) of home purchases in the area.”
However, family buyers in the 35 to 50 age group are still in the majority, accounting for 44% of all purchases - and with good reason, Crawford says. “Randpark Ridge has a great selection of highly-rated schools, and many buyers want to live within the feeder areas for these schools, and preferably within walking distance, which puts something of a premium on homes in the section of the suburb that lies to the west of Beyers Naude drive.”
He says there are currently about 250 larger homes for sale in Randpark Ridge, most of them being freehold clusters and freestanding suburban homes in access-controlled enclaves – and notes that while the average price of such homes is currently around R1,6 million, there is a wide spectrum of offerings all the way up to around R4 million and even more.
“Buyers can expect to pay a premium of 10 to 15% in the western section, which has also gained status recently because it is adjacent to the prestigious Eagle Canyon Golf Estate. The large stands in this area that lend themselves to subdivision are another drawcard.”
Crawford says prices for older family homes in the area start at around R1,35 million, and that such properties are in great demand even though they usually require extensive renovation and modernisation. “Savvy buyers here know that they can upgrade these properties and turn them into luxurious residences with much danger of overcapitalising, especially if they are planning to settle in for 10 to 20 years while their children attend school here.
“There is currently also good demand for properties priced at R1,6 million to around R2,8 million and, as an example of what one can expect to buy for that, we currently have a three-bedroom, two-bathroom cluster available in a guarded estate which also offers a spacious open-plan living, a granite-topped kitchen, double automated garage, entertainment patio and wrap-around garden for R1,6 million.
“Or, for R2,7 million, we currently have available a distinctive family home in excellent condition that offers four bedrooms, two bathrooms, three receptions, a study and a modern kitchen, as well as a large entertainment patio, double garage, pool, staff accommodation and a separate cottage. It has a lovely, lush garden and is centrally located and secure in a boomed area.”
At the top end of the local market, he says, affluent buyers are increasingly also discovering extremely good value in Randpark Ridge, where R4 million will buy a luxury home with four or five bedrooms, several reception rooms, a top-of-the-range kitchen, indoor and outdoor entertainment areas, expansive grounds and, often, panoramic city views.
For more information contact the Rawson Property Groups Randpark Ridge franchise on 011 791 3738.