Almost 91% of all residential properties in Rosebank are sectional title, while about 80% of current homeowners only purchased in the area in the past five years. No guesses, either, what they are buying: some 159 sectional title registrations were recorded last year; up from just 20 in 2015 and a previous high of 38 registrations in 2010.
“The suburb caters to most budgets and needs as it offers buyers a very broad choice of apartments, from starter studios or older one-bedroom flats at around R1m to super-luxury penthouses for up to R18m; most sales are, however, between R1,5m and R3m,” said Di Kuhlenthal, area specialist for Lew Geffen Sotheby’s International Realty.
Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, said Lightstone data (for the 12 months ending 28 February, 2017) showed 164 sectional title properties changed hands with a total value of just over R350m.
“Of these, the majority (111) were in the R1,5m to R3m price band at an average sale price of R2,07m,” he said, noting that the second-most active price bracket comprised homes between R800,000 and R1,5m in which 29 sales realised an average unit price of R1,35m. “However, the top end also performed reasonably well and 19 apartments priced above R3m were sold, at an average unit sale price in this bracket of R4,07m for the 12-month period.”
According to the data, five apartments sold for less than R800,000, with the lowest sale price being R400,000, while the others averaged R755,000.
While freehold homes account for less than 10% of the local property market, eight transactions were recorded in the 12 months to February 2017 at an average unit sale price of R11,6m.
Top photo: Freeshold homes now account for only 9.6% of the properties in Rosebank, and this four-bedroom family home in Sturdee Avenue, which recently sold for R5,75m, is also zoned for new sectional title development