Pam Golding Properties recently sold an upmarket residential property comprising a five bedroom five bathroom house plus a one bedroom, one bathroom cottage and staff quarters set on an erf of 1,766m² for a record price for the area of R30m.
“This is the highest price achieved for a residential property in Bedfordview, exceeding the suburb’s previous top price of R28,5m set in 2016,” said Nelson Ferreira, Pam Golding Properties area principal. “Most of the area’s highest priced sales are usually large stands over 10,000m² in size and used as developments, so it’s not common for one standalone residence to change hands in this upper price band.”
Ferreira added that the home arguably ranks among the most expensive homes sold on the East Rand. He reported that the market is perceived to be moving encouragingly now, especially when compared to a slowdown in August 2015. “During the slowdown sales would be concluded with buyers they had been working with for up to a year. However, new buyer enquiries via the web and through attendance at show days has spurred on property purchasing right now, as they realise they are obtaining great value as opposed to other luxury suburbs in Johannesburg.”
Like most up-market residential markets the deal relies quite heavily on the seller’s willingness to negotiate. “Sales are also dependent on how serious the seller is as buyers are driving for good deals and thoroughly researching the market before making an offer,” explained Ferreira.
Top photo: This luxury property in Bedfordview that sold for R30m through PGP