{"id":313294,"date":"2019-04-25T11:36:24","date_gmt":"2019-04-25T09:36:24","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=313294"},"modified":"2019-04-25T11:36:24","modified_gmt":"2019-04-25T09:36:24","slug":"how-much-it-costs-to-live-in-joburgs-inner-city-and-other-popular-suburbs","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/313294\/how-much-it-costs-to-live-in-joburgs-inner-city-and-other-popular-suburbs\/","title":{"rendered":"How much it costs to live in Joburg’s inner-city – and other popular suburbs"},"content":{"rendered":"

New data from research group Lightstone highlights four Johannesburg inner-city properties that have shows stable and strong price growth in a nationally tough market.<\/p>\n

According to Lightstone, the suburbs offer properties within a wide band – from R650,000 to over R3 million – but have all shown positive price growth.<\/p>\n

This includes La Rochelle, where prices range from R650,000 to R1.5 million, showing 6.4% price growth in 2018, and Bellvue East, where prices are lower than R650,000, with price growth over 5.4%.<\/p>\n

The upper-end suburbs – Killarney and Houghton Estate – show lower positive price growth, but come off a much higher base, where property prices range from R1.5 million to well over R3 million, Lightstone said.<\/p>\n

Sandra Gordon, a senior research analyst at Pam Golding Properties, highlighted the surprising growth in Bellvue in particular.<\/p>\n

The analyst noted that between April 2018 to March 2019, a total of nine freehold properties were sold at an average price of R825,000 while 31 sectional title units were sold at an average price of R317,000.<\/p>\n

“Bellevue East is an unusually stable market, with 62% of existing homeowners having owned their properties for more than 11 years. Most of these owners are mature and middle-aged, with 40% of existing owners falling into each of these age categories.<\/p>\n

“A further 16% were retirees, while the balance is made up of first-time buyers,” she said.<\/p>\n

In sharp contrast, Lightstone data shows that over the same period, 66% of buyers were young adults (35 years or younger) – many of whom were presumably purchasing their first home.<\/p>\n

Bellevue East has a total of 857 homes which are fairly evenly distributed between freehold (48%) and sectional title (52%) units.<\/p>\n

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Inner city popularity<\/strong><\/p>\n

According to Pam Golding, the Johannesburg inner city is a very active market, particularly for first-time buyers.<\/p>\n

Properties concluding notable sales including two bachelor units in Braamfontein sold for R485,000 and R590,000 respectively, while in Yeoville, a one-bedroom apartment was sold for R250,000 and a two-bedroom apartment sold for R410,000.<\/p>\n

Of those buying in the Inner City, Pam Golding Properties notes that 80% are investors, while the remaining 20% are buying for permanent residence.<\/p>\n

Areas such as Braamfontein, Bellevue, Bellevue East, Hillbrow, Joubert Park, Marshalltown and Yeoville remain sought-after as properties are accessibly priced with entry-level prices of R100,000 for bachelor apartments in Hillbrow, which is considered the most affordable of all the Inner City suburbs.<\/p>\n

Rentals in Hillbrow range from R2,500 per month for bachelor units per month.<\/p>\n

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 <\/p>\n

Other Joburg suburbs<\/strong><\/p>\n

Looking around the inner-city, prices vary depending on what buyers are looking for.<\/p>\n

In Morningside<\/strong>, sectional title units priced below R1.5 million are snapped up as soon as they are listed, Pam Golding said, as are apartments priced from R600,000 in Ferndale Randburg.<\/p>\n

In Ferndale<\/strong>, houses are priced in the mid-to-high-R1 million, while clusters are priced in the early-R2 million range<\/p>\n

Parktown North, Parkwood, Parkview and Parkhurst, also known as \u2018The Parks<\/strong>\u2019 appeal to buyers looking for a secure lifestyle in a convenient location.<\/p>\n

Prices in The Parks range between R3.5 million and R5 million.<\/p>\n

In Killarney<\/strong>, properties most in demand, and priced around R2.2 million are selling well, as are cluster homes in Bryanston East and Bryanston West priced in the sub-R3 million price bracket.<\/p>\n

Established suburbs including River Club, Parkmore, Petervale, Benmore Gardens, Rivonia, Craighall, Moodie Hill, Duxberry, Dunkeld, Orchards and Victoria offer value for money with a number of property types to choose from.<\/p>\n

In these areas, sectional title properties are priced up to R2.5 million while cluster homes are priced between R3.5 million to R4.5 million.<\/p>\n

At the top-end of the market, Forest Town is also experiencing demand for those looking for freehold homes in a desirable location. In this suburb, prices are around R3 million to R4 million.<\/p>\n

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Read: <\/strong>If your property is on the market in South Africa, look away now<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New data from research group Lightstone highlights four Johannesburg inner-city properties that have shows stable and strong price growth in a nationally tough market.<\/p>\n","protected":false},"author":10,"featured_media":308810,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,10618],"class_list":["post-313294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-pam-golding"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/313294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=313294"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/313294\/revisions"}],"predecessor-version":[{"id":313314,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/313294\/revisions\/313314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/308810"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=313294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=313294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=313294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}