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Friday, November 16th, 2018
Sandton’s best performing suburbs

Sandton’s best performing suburbs

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We all know that 2017 was a tough year for real estate with many suburbs facing a decline in sales and house price growth. Even Sandton, an area that has been traditionally strong, faced challenges in the past 12 months. There were, however, a few notable exceptions!

According to this article on Private Property,  while the majority of Sandton’s 39 suburbs “reacted predicatbly”, 7 suburbs actually achieved growth in both sectors!

Here are the highlights:

RIVER CLUB

  • Steady increases in both sales volumes and pricing
  • House sales spiked by 45% from 33 (2016) to 48 (2017)
  • There was a 13% increase in the average sale price, from R3.72m to R4.22m.

 

SANDOWN

  • House sales and sale prices continued their steady upward trajectory
  • 29% increase in sales and 22% price growth
  • House sales in Sandown rose from 14 (2016) to 18 (2017)
  • Houses averaging R5.29m changed hands, compared to R4.35m in 2016
  • Apartments sales drop by 33%
  • Apartments saw a 31% price growth from R1.84m to R2.41m

 

RIVONIA

  • Rivonia – 33% increases in sales and 9% price growth
  • House sales in Rivonia rose from 15 to 20
  • The 2016 average sale price of R2.88m increased toR3.16m
  • Apartment sales drop by 17%
  • Average selling price of apartments almost doubled, soaring from R699 499 (2016) to R1.36m (2017)

 

According to Lew Geffen, the following factors came into play:

  • The ongoing growth of the commercial market in Sandton, which has resulted in a steady influx of people seeking accommodation closer to work.
  • First-time buyers remain a key driving force.

 

The prospects for 2018

  • We can expect demand from first time buyers to increase considerably.
  • However, many buyers are wary of investing large sums in fixed assets in South Africa.

 

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