Long overshadowed by the more \u2018prestigious\u2019 northern suburbs, Johannesburg East is finally shedding its Cinderella mantle with a sharp increase in the value and volume of sales, and Ekurhuleni now emerging as Gauteng\u2019s rising star and development hot spot.<\/p>\n
Citing Lightstone data, Cobus Odendaal, CEO of Lew Geffen Sotheby\u2019s International Realty in Johannesburg and Randburg, said that since 2020 when Ekurhuleni\u2019s property inflation jumped from 2.5% to 5.2%, it has consistently outperformed Johannesburg and Tshwane,<\/p>\n
\u201cWhilst property inflation in Ekurhuleni has hovered between 5.1% and 5.6% during the past two and a half years, Johannesburg has seen a steady decline from 3.5% to 2% during the same period ending June 2020.<\/p>\n
\u201cTshwane has fared a little better with 4.6% in 2020 and 5.2% in 2021, but in the first quarter of this year, price inflation dropped to 4.8% and again to 4.7% by the end of the second quarter.\u201d<\/p>\n
Odendaal attributes the region\u2019s growth to a number of key factors, including a strategically well-positioned location with easy access to all major centres and the airport, excellent value for money, a broad range of properties to meet all budgets and lifestyles and first-class amenities.<\/p>\n
\u201cBedfordview has been attracting investor interest for a number of years already but more and more suburbs in the area are inching their way into the spotlight, including Edenvale areas like Marais Steyn Park, Elma Park, Hurleyvale, Highlands North and Oaklands, as well as newer areas like Greenstone where there has been rampant development.\u201d<\/p>\n
Ray Pasteris, Area Specialist for the group In Edenvale, said that there has been considerable upgrading in the area recently, most notably of older blocks of flats in Van Riebeeck Avenue, as well the rezoning of freestanding houses to be converted into multiple units, which are great investment opportunities.<\/p>\n
\u201cThere is also a vibrant new centre under construction opposite Glendower place called The Verge, which has a good mix of tenants offering all manner of dining, from restaurants to cafes, coffee shops and fast-food outlets.\u201d<\/p>\n
She added that there are still a number of great fixer-upper homes close to good schools in most areas which are excellent options for first-time buyers to acquire a family home and as well as an investment to which they can add value.<\/p>\n
Lightstone data shows that the median prices of freestanding houses and vacant land both reach a record high this year, at R1.525 million and R1.275 million, respectively.<\/p>\n
The mushrooming of newer suburbs also attests to the region\u2019s growing popularity, with Greenstone being of the fastest growing.<\/p>\n
Odendaal said that Greenstone Hill and adjacent Greenstone Park have been attracting keen interest from first-time buyers and young families, with 84% of all buyers during the past 12 months being under the age of 36.<\/p>\n
\u201cThere are many great starter home options in the area, most of which are in large modern apartment and townhouse complexes with between 600 and 1000 units offering one to three-bedroom options.<\/p>\n
\u201cFreestanding houses are situated within the five residential estates (Thorn Valley Estate, Bushwillow Park Estate, Emerald Estate, Pebble Creek Estate and Waterstone Park Estate), all of which offer a secure family lifestyle.\u201d<\/p>\n
Odendaal said that while Greenstone Hill is popular with first-time buyers, it\u2019s also a very upmarket and aspirational area with a high level of affluent residents.<\/p>\n
\u201cAccording to Lightstone, the median freehold and sectional title prices in Greenstone hill are R3.32 million and R1.1 million respectively; however, there are many options for those on a tighter budget as well as those who can afford more bells and whistles.\u201d<\/p>\n
\u201cWith easy access and close proximity to four major roads, the N3, the R24, and Modderfontein Road (R25) as well as the N12 highway, which passes through Gauteng to Mpumalanga Province, this region\u2019s convenient situation is one of its biggest drawcards.<\/p>\n
\u201cAnd with ongoing commercial and residential development, I think the boom we are currently seeing in this area is unlikely to abate any time soon,\u201d said Odendaal.<\/p>\n