The average price for a Rosebank apartment has risen by at least 200% since 2010; Hatfield by 33% on average and in Braamfontein, office, retail and recreational amenities by 59% on average.
This is mostly in response to the advent of the Gautrain six years ago, and the “walkability” factor it makes possible.
Compare price inflation in suburbs surrounding Rosebank, Hatfield and Braamfontein, where in the past six years, prices have risen on average by between 15% and 50%, 12% in Arcadia, and 30% outside of Braamfontein.
This is according to Berry Everitt, CEO of the Chas Everitt International property group, who says a recent study of almost 90,000 homes in the US, for example, showed that “walkability” could increase value by as much as US$3,000.
“And in South Africa one only has to look at the effect that the Gautrain has had on property values in the areas closest to the stations – which have all also sprouted new shops, offices and recreational facilities in the past six years, and are in high demand because they now offer residents a significant degree of walkability.
“A large percentage of modern home buyers want to leave the car in the garage most of the time – or even live without a car – and are prepared to pay a premium to do so.”
With this in mind, he advises home sellers to emphasise their homes’ walkability factor.
“For example, in addition to taking about security and the good schools in their area, descriptions of their home should also include information about how easy and safe it is to walk to their local park, supermarket, coffee shop, gym, or pharmacy, and what public transport links are available,” he says.