Properties in Johannesburg South suburbs such as Bassonia, Glenvista and Mulbarton priced just short of R2m are selling within a month. This is according to Jacques Bronkhorst, owner of the Chas Everitt International Glenvista franchise who said there is particularly brisk turnover at the lower end of the market, with many young buyers purchasing three- and four-bedroom houses as well as townhouses and apartments.
“Prices are also showing good growth as a result of all this activity, so there is also plenty of room now for investment buyers or renovation enthusiasts to upgrade some of the older homes here and resell them at a good profit,” said Bronkhorst.
In Mulbarton the average house price has risen 25% from around R1,4m five years ago to about R1,75m. Three-bedroom freehold homes with two bathrooms and double garages are available for around R1,3m. “Stands are generally quite large at between 980m2 and 1,350m2, and with modernised kitchens and bathrooms and the addition of an outdoor entertainment area, such homes can easily sell for more than R1,7m,” said Bronkhorst.
Mulbarton also offers luxury hillside four- and five-bedrooms homes with panoramic views at an average price of R2,4m. There are more than 20 public and private schools within a 5km radius, and the area has its own private hospital and two local shopping.
About half of buyers are young families who buy three- and four-bedroom, two-bathroom family homes on stands of about 1000m2 at prices ranging from about R1,7m to around R2,4m.
In Bassonia the average house price of R2,4m is currently 29% higher than it was five years ago, due to a shortage of stock on the market.
“Prices here are also somewhat higher than in the neighbouring suburbs, but we receive a constant stream of enquiries from young professionals for two-bedroom apartments and townhouses at prices from around R750,000 to about R1,25m, and from family buyers aged between 35 and 50 for upmarket three- and four-bedroom houses at prices from around R1,8m to around R4m,” said Bronkhorst.
Photo: This four-bedroom, two-bathroom home in Glenvista is on sale through Chas Everitt International for R2,999m. It offers three living areas leading to the patio and pool area, a study, fully fitted kitchen with separate scullery and pantry, staff accommodation, a double garage and excellent security.