The booming office and retail property market in the wider Sandton area has meant that the residential property market has had a tough time meeting demand. According to Lynda Greeff, Pam Golding Properties agent, this has led to growth in the residential property market of suburbs located close to the Sandton CBD, such as the Illovo/Inanda area.
She said that price increases may have slowed in recent months due to external factors such as interest rate hikes, but that location factors continue to support the residential market in these suburbs. Based on Lightstone data the the median property prices for freehold homes in the suburb of Illovo rose by more than 38% between 2014 and 2015, and by 6.6% for sectional title properties. In Inanda, the average freehold property rose by 12.7% in 2015 when compared with 2014.
A characteristic increasing the attractiveness of the suburbs in close proximity to Sandton is the fact that there is something for every prospective home buyer and investor, with house prices varying from R1,5m to R25m. Greeff believes that these are all factors that bode well for the future of the area’s residential property market, with sellers standing to earn considerable returns, provided they remain cognisant of current market trends.
Photo: This Inanda home, on the market for R9,9m, is available through Pam Golding Properties