FNB’s latest Property Barometer shows that homes in Gauteng spend an average of 12 weeks (84 days) on the market before being sold.<\/p>\n
This figure is considerably better than the national average of 15 weeks and four days (109 days), and a good indicator that homes in Gauteng are generally priced realistically from the start, says John Loos, household and property sector strategist at FNB.<\/p>\n
Property group Seeff asked some of its property experts in Gauteng to reveal the fastest selling suburbs in their license areas, and in all of these suburbs the days spent on the market were not only considerably lower than the national average, but also lower than the Gauteng average.<\/p>\n
\u201cIn current market conditions, astute buyers do not pay a premium for property. They do their homework, look at all of the available stock and often play a waiting game where they wait for a property price to drop before making a reasonable offer,” Seeff said.<\/p>\n
Sellers absolutely have to put themselves in the shoes of prospective buyers and this means revisiting asking prices, especially if a\u00a0property\u00a0has been on the market for a while.<\/p>\n
Below are the fastest selling suburbs in Gauteng, according to Seeff.<\/p>\n
Weltevreden Park and Roosevelt Park (Randburg) – 30 days<\/strong><\/p>\n In Randburg, the average days on market in both these suburbs is just under 30 days, with properties in the lower to medium price range selling in the first or second week when properly priced, Seef said.<\/p>\n “The average gets extended beyond this period when you factor in the homes that are unrealistically priced and at the upper end of the price spectrum,” it said.<\/p>\n “Weltevreden Park is a well-kept and attractive, community and family oriented\u00a0suburb which offers a wide array of amenities, proximity to both public and private schools and Wilgeheuwel Hospital. It is conveniently\u00a0situated immediately adjacent to the N1 and it is a good midway point for Sandton and the West Rand, with excellent access to all points in Randburg.<\/p>\n “While there is a wide range of pricing, there is also a sizable amount of affordable stock for entry-level buyers with freehold property being split almost equally between two average price points of R1.3 million and R1.5 million.”<\/p>\n Buyers see value for money in these prices when you consider the quality of the housing stock on offer, the property group said.<\/p>\n “Roosevelt Park is a small suburb in the Randburg area with an average price point of R1.95 million, but with entry-level homes starting at an average of R1.4 million. This suburb is seen as both affordable and as having excellent value for money.”<\/p>\n Faerie Glen \u00a0(Pretoria East) – 30 days<\/strong><\/p>\n Pretoria East properties sold in Faerie Glen in 2017 to date spent an average of only 30 days on the market.<\/p>\n “Quick access to the Eastern Central Business District, known as Menlyn, OR Tambo airport, N1 and N4 highways, hospitals and leading schools make this one of the most popular living areas in the Tshwane Metropole. Property prices range between R1.5 million and R2.5 million,” Seeff said.<\/p>\n Mahube Valley and Capital Park (Pretoria North) – 35 days<\/strong><\/p>\n Although property in these two areas differs vastly, the average days spent on the market is around 35 days for both.<\/p>\n “Mahube Valley is a new suburb at the top end part of Mamelodi with a price range from R450,000 to R800,000, while Capital Park is an established area which is nestled against the mountain with a price range from R750\u00a0000 to R1.2 million.”<\/p>\n “Although Capital Park is a quiet suburb, it is very close to\u00a0the centre of town where many government employees work and it is extremely sought after,” Seeff said.<\/p>\n Eco Park in Highveld and Heuwelsig Estate in Monavoni (Centurion) – 42 days<\/strong><\/p>\n Property in the these areas sell within 6 weeks (42 days) of listing when they are priced correctly, Seeff said. Property in both these areas range between R800,000 and R2.5 million.<\/p>\n “The reason that property here sells in half the time than in the rest of Gauteng include the fact that these suburbs offer lock-up-and-go units that are extremely sought after, fantastic value for money, and are located in close proximity to highways, schools and all amenities,” it said.<\/p>\n Kibler Park and Alveda Park (Johannesburg South) – 54 days<\/strong><\/p>\n Kibler Park and Alveda Park property is priced at R1.2 million and less on average, and sell in only 54 days of listing, Seeff said.<\/p>\n “The prices in both these areas range between R650,000 and R2 million and this, coupled with factors such as being only 15 minutes away from the Johannesburg CBD and close to the M1 Highway, make them very popular.”<\/p>\n Broadacres and Maroeladal (Fourways area) – 56 days<\/strong><\/p>\n Broadacres’ popularity is due to its proximity\u00a0to the Fourways Life hospital, and its location between the gated communities of Cedar Lakes, Fourways Gardens and Steyn City.<\/p>\n “We have made 17 sales in this suburb for the year so far, at an average of 56 days on the market. A few homes that were priced at R2.4 million, R1.1 million, R1 million and R900,000 were sold on the very same day of listing,” Seeff said.<\/p>\n In comparison,\u00a0Maroeladal\u00a0is a desirable part of Fourways, most often called by the estate names in the suburb rather than the suburb name itself, eg. Waterford Estate.<\/p>\n “Seeff Sandton has made 13 sales in Maroeladal since March and property here spent an average of only 40 days on the market. The property that took the longest time to sell was priced in the mid R3 millions and took only 98 days to sell; and this is still lower than the national average,” the group said.<\/p>\n Glen Marias and Van Riebeeck Park (Kempton Park) – 60 days<\/strong><\/p>\n According to Seeff, younger people favour Glen Marais because of all the modern, secure estates and extras like fibre networks and free Wi-Fi it has to offer.<\/p>\n “Homes here sell for between R2.5 million and R3.5 million and are only 5 minutes away from OR Tambo. When priced correctly they sell within 60 days.”<\/p>\n Van Riebeeck Park offers more established developments and free-standing homes on large stands and are priced between R1.5 million and R2 million.<\/p>\n “Properties in Van Riebeeck Park that are located in secure states are sometimes snapped up in only 45 days,” it said.<\/p>\n
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