Vacant land in Fourways is edging sectional title prices, with median prices recorded by Lightstone Property, reported to be R1,9m – compared with freehold property at R2,712m and sectional title at R1,5m. 2017 figures listed vacant land at a median price of R1,474m, freehold property at R2,350m and sectional title at R1,453m.
Much of this demand is coming from younger buyers, with 27% of recent buyers aged between 18 and 35 years old, and 46% in the 36 to 49 year age bracket.
“We believe there is still a lot of room for growth in the area with massive investment still to be poured in and plans afoot for the Gautrain to run here, as well as additional office parks and hotels being built,” said SAProperty.com agent Dennis Maroudas. “I have operated in this area since 2003 and have seen tremendous growth take place and am very optimistic for the future of property sales in Fourways. In addition, I am increasingly getting enquiries from investors from across the globe looking for their slice of the action, which bodes well for future housing and commercial developments.”
Fourways has been tipped as an alternative living and business destination to Sandton from as far back as the year 2000, and over the last five years has experienced huge growth, commercially and residentially, due to its central location and highway access, said Dennis Maroudas.
“The standout growth precincts include Craigavon, where homes average from R2m and up,” he said. “Other standout areas include Lonehill, Beverley, Douglasdale, and Northriding which offer a large diversity price-wise.”