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Cosmo City property still less than R1m 

cosmo1Cosmo City, in northwest Johannesburg, has experienced steady growth in property prices since its launched in 2004.

“Middle-class families find Cosmo City very attractive, in part because it’s only 12 years old and the properties are fairly new, but also because the rates and taxes are affordable and water and electricity is prepaid (making it easier for homeowners to control their expenses),” said Zizi Kona, a Leapfrog Property Group agent in Roodepoort.

Entry-level properties sell for R570,000 for a two-bedroom home, while three bedrooms will cost you between R600,000 and R720,000. Four-bedroom homes can still be picked for less than R1m and range between R750 ,00 and R950,000.

“Buyers are mainly working in Randburg, Fourways, Sandton and in some cases in Midrand and they tend to look for well-maintained kitchens with beautiful cabinets, bedrooms with built-in cupboards as most properties in Cosmo City weren’t furnished with these initially,” said Kona, who notes that there is only one sectional title scheme in Cosmo City with the vast majority of the development consisting of full-title low- to middle-income houses. “At the moment three-bedroom properties are in highest demand, which might be due to growing families that require more space. There is a huge number of three-bedroom properties on the market and if a property is priced appropriately it sells quickly.”

The Curro group school, Meridian Cosmo City, which was built in 2015, has also had an impact on buyers in this market who see it as a sign of quality education in the area. As the area continues to develop rapidly a fire station is due to be completed in early in 2017 and a police station and a permanent healthcare facility is also on the cards.

“Cosmo City offers middle class families a central location with increasingly good services and schools as well as affordable properties with enough space for their families to flourish – as such it’s no surprise that properties in the area are in rising demand,” said Kona.

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