The East Rand suburb of Modderfontein has enhanced its appeal considerably over the past decade and its elevated status and growing popularity have steadily driven an increasingly resilient residential market that is weathering the current economic storm far better than many areas.
This is evidenced in the fact that in 2010, the freehold median price briefly dropped from its previous high of R3,15m to just R950,000, but by 2011 it had jumped to R4m from where it continued to increase, reaching a record R4,3m by 2015, according to Lightstone data. This is equal to compounded growth of 35.25% in five years.
“There is no denying that the market has been slower this year with a slight dip in sales, but property values have remained on a steady upward trajectory with a median price of R4,65m recorded last month,” said Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty.
William Lee, area specialist for Lew Geffen Sotheby’s International Realty in Modderfontein and Greenstone Hill said: “Modderfontein has a wide range of properties to suit all budgets, from entry-level houses and apartments starting at around R2,3m and R850,000, respectively, to large modern designer homes nudging the R10m mark.
“Security is the number one concern for most people and Modderfontein is becoming known as one of the safest suburbs. There are now several boomed-off areas with limited access as well as highly sought-after lifestyle estates that afford residents the peace of mind of top-level security as well as on-site amenities such as parks, pools and playgrounds where children can play safely and families can relax.
Modderfontein is poised to become one of Johannesburg’s most influential nodes with the imminent R84bn development of a 1,600ha “smart city” with commercial, industrial, educational, medical, leisure and residential components.
“The area is now attracting a new calibre of investor and this has begun pushing up the average price of property above the standard for the East Rand,” said Lee.
Photo: This spacious four-bedroom designer home overlooking the Modderfontein Nature Reserve is an entertainer’s dream as well as a family retreat. On the market for R4,980,000 and set in a landscaped garden with a sparkling pool, it offers every comfort and convenience.