Johannesburg is South Africa’s largest and wealthiest city and the key economic powerhouse of the continent. It has a unique geography that combines beauty and mineral wealth, attracting people from near and far.
“The Johannesburg property market provides valuable investment opportunities across various price ranges. Rentals are in high demand and there is room for growth in terms of development. The city and its areas offer something for everyone.” says Craig Hutchison, CEO of Engel & Völkers Southern Africa.
From the purple patch in the Parks to the rapidly expanding residential hubs of Fourways attracting young professionals – we take a look at some of Johannesburg’s most opulent suburbs and what makes them so lucrative.
Byranston’s live-work-play lifestyle
Bryanston is the leafy, affluent, family-friendly suburb ideally situated close to the Sandton CBD, creating enormous demand for properties. It has grown into a sought-after business node with commercial business parks. Buyers are attracted to Bryanston for the strong sense of community that offer the perfect live, work and play lifestyle. Average property values range from R1.6 million for an apartment to R5.9 million for free-standing houses, and complex properties are around R3.4 million. The area also offers the “millionaire’s” properties which can range from R25 to R55 million.
Lonehill’s safety and sense of community
The suburbs of Lonehill and Beverley are in the north of Johannesburg offering excellent infrastructure with a variety of homes to suit just about every budget. Lonehill’s lifestyle embraces safety, security and community. The neighbourhood attracts families, young corporates and new buyers. Average property prices range from R750 000 to R1 million for sectional title units, whilst larger homes in gated communities, range from R1.5 million to R2.5 million. Freestanding houses stretch anywhere from R2.5 million to R6 million.
Affordable estate-living in Fourways
The Fourways / Broadacres area is a rapidly expanding residential hub attracting a large demographic of young professionals. Property throughout the area is showing immense growth and the lock up and go aspect of the developments is an attractive feature for many buyers. Average homes in the residential suburbs are priced around R2 million upwards. Estate living offers stands from R685 000 to R1.5 million depending on the estate, and house prices can reach up to R8 million and over. An apartment is around the R1 – R1.5 million mark. Top end properties may sell as high as R20 million.
Wealthy mix of property types in Hyde Park
Hyde Park is an upmarket, wealthy suburb attracting both young and established professionals, diplomats and growing families. The suburb thrives on business investors and offers an excellent blend of sectional title, freehold homes and security estates. Property prices vary due to the impressive blend of property types. A 2-bedroomed apartment can sell for anything between R2 million – R3 million. A 2-bedroomed multi-level executive apartment can ask up to R5 million and over. Some of the more expensive residential properties can fetch between R15 million and R25 million.
Upmarket estate living in Sandton
Sandton’s residential zones offer upmarket estate living, luxury freehold and a choice of sectional schemes. Properties in the area remain popular and range from luxury one-bedroom units in upmarket complexes. The rental market is particularly active, with companies renting residential properties for their employees. The average price of property ranges from R1.5 million for a 1-bedroomed apartment, approximately R3,5 million for an ordinary freestanding home on the outskirts and R5 million for a 3-4 bedroomed cluster. For a large house set in a lush garden in the more affluent streets, you could expect to pay between R8 million to upwards of R10 million.
The Parks is a well-established, older suburb known as the “Purple Patch” in reference both to the Jacaranda trees that line the streets and the amount of “old money” that resides there. Purchasing property in the Parks is often a lifestyle move as the neighbourhood offers sidewalk cafes, restaurants and art galleries. Westcliff and Saxonwold offer larger, statelier properties many of which are heritage homes and are ranked among the most popular suburbs for multimillionaires. The area is comprised mostly of freehold properties with about 20% sectional title units. Full title homes range on average between R3 and R8 million, however houses in Westcliff can range from R10 million to R38 million and over.