West Rand remains reasonably priced when compared to the CBD's of Rosebank & Sandton.
Category Property Market
During the last 12 years many large developments have come on stream that now cater for the diverse profile of purchasers, investors, first-time buyers and a varied population. “The area is represented in virtually every category so there’s something for everybody,” says Warwick Atkinson, Roodepoort manager at Jawitz Properties.
Coastal areas can no longer be regarded as the only port of call for foreign buyers. “The weakened rand and the dollar/Rand exchange rate have fuelled renewed interest in the West. Queries from the African continent have increased since the beginning of the year and foreigners are seeing the benefits in properties with a fast resale value and within easy reach of the major CBDs,” he says.
Just recently, a buyer from the Democratic Republic of the Congo (DRC) expressed interest in a R4m home in Ruimsig Country Estate. He indicated that even with the favourable exchange rate, developments in the Western part of Johannesburg make good financial sense.
Properties vary in price. A 45m² apartment in Florida costs R395 000. Whereas in the more upmarket suburb of Poortview a 1800m² mansion would cost R22m. Over the years large upmarket Estates have sprung up, with Eagle Canyon in the north, and Ruimsig Country Estate and Featherbrooke to the West.
The older suburbs with large gardens and spacious accommodation tend to attract families where value can be found and many embark on extensive renovations. The majority of properties in Monument Park and Rant-en-dal in Krugersdorp as well as Discovery and Horison Park in Roodepoort are priced from R950 000 up to R1.5m on 900m² to 1200 m² stands, respectively.
The rental market is buoyant and demand has increased substantially for a reasonably priced flat, townhouse or house. Apartments in Florida go for approximately R3000 per month and house rentals in Eagle Canyon, Featherbrooke Estate and Ruimsig Country Estate can cost anything from R20 000 to R40 000 per month in the both the private and corporate sectors. “People are likely to turn to renting property as bonds become more expensive due to the interest rate hike. This, of course causes stronger demand and higher prices,” says Atkinson.
The West continues to grow with an ever-increasing number of developments both sectional title, Estates and retirement villages. Much of the ground in the Muldersdrift and Honeydew areas have been earmarked for developments awaiting the supply of utility services. A major 4000-unit low cost housing development in Tarlton is scheduled for 2018.
Substantial investment has gone into the upgrades of medical care facilities. The Pinehaven Life Hospital has recently opened and a R700m upgrade and expansion to the Flora Life Hospital is underway.
Over the years the area has become a popular, friendly and an aesthetically pleasing place in which to live. Easy access to freeways, both to the north and south and Lanseria airport takes the drudgery out of commuting. Residents enjoy the convenience of the large shopping centres, improved infrastructure, private schooling and a choice of golf courses as well as the Walter Sisulu Botanical Gardens and the Kloofendal Nature Reserve.
Roodepoort dates back to 1884 when the first payable gold was discovered by Fred Struben. The name means ‘red valley’, after the red soil in the area. www.eprop.co.za
Author: eprop.co.za
