The landmark Sowetan house of the late Dr Johnny Mosendane, a well-known public figure, has been sold for R2.5 million – a new record price for the township.
This is according to Pam Golding, which noted that the 5 bedroom property situated in Rockville, Moroka, was designed by renowned architects Michael Sutton and David Walker in 1979.
The property company said that some 40% of greater-Johannesburg’s population resides in Soweto.
Pam Golding said that many middle class and wealthier individuals are returning to Soweto from Johannesburg’s residential suburbs – ‘because they miss the colour and vibrancy of the sprawling metropolis’.
According to John Loos of FNB, the house price growth of properties in Soweto was 11.6% in the first quarter of 2015, which compares favourably with the single digit figures achieved in Johannesburg’s northern suburbs.
The average property price in Soweto is R620,000 while there is considerable demand for homes anywhere between R350,000 and R750,000, Pam Golding said.
It pointed out that no transfer duties are payable on property transactions below R750,000, as opposed to the previous R600,000 threshold.
Commenting on the landmark property, Pam Golding that Dr Mosendane asked the award-winning local designer to develop his Moroka home in 1979. He then acquired two neighbouring properties and expanded the home in the early 1980s.
The property went on to win various architectural awards and was featured in a number of publications at the time.