The Johannesburg suburbs of Robindale and Robin Hills have remained consistently active, despite the global credit crunch, thanks to both being long-established suburbs and the fact that almost 50% of property owners have owned their properties there for 11 years or more.
This is according to Shaune Swart, area specialist for Lew Geffen Sotheby’s International Realty, who said the suburbs also quickly recovered lost ground post-2008: “By 2010 both suburbs were back to achieving top prices and, although the prices could dip imperceptibly, I don’t foresee the market changing much in response to the current economic downturn.”
He said the buyers’ profile has also not changed on 10 years ago: “Young families are drawn by the area’s convenient location, proximity to good schools, stability and excellent value, and they tend to stay until their children finish school,” he said. “In contrast, most of the sellers are empty-nesters and retirees. Younger sellers are usually families that are emigrating or relocating within South Africa.”
Some 95% of the homes Robin Hills are freehold, while 46% of the properties in Robindale are sectional title.
“Robindale is the larger of the suburbs and houses here are typically the standard three-bedroom, two bathroom homes that sell for between R1,8m and R3m,” he said. “In Robin Hills, the entry- to mid-level homes and prices are much the same, but the upper end of the market has a higher ceiling and offers more luxurious homes which are priced up to R5m or R6m.”
Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, said there is a growing number of investment buyers attracted by Robindale’s flourishing sectional title rental market, where, according to Lightstone, 35 apartments changed hands during the past 12 months with a combined value of just under R33m, at an average sale price of R940,486.
“The middle market price band of R800,000 to R1,5m was the most active with 20 transactions, while 13 apartments were sold in the entry-level bracket of R400,000 to R800,000, and two apartment sold in the upper R1,5m to R3m price band.”
Photo: This four-bedroom Robin Hills home offers excellent flow between in- and outdoor spaces, and opens up onto various balconies with breath-taking views across the cityscape. On the market for R4,5m through Lew Geffen Sotheby’s, it includes staff accommodation and many special top-end features.