Home sales jump in top Joburg sub­urbs

Business Day - Home Front - - HOMEFRONT -

TURN­ABOUT Ea­ger in­vestors are now pil­ing in to buy prop­erty in de­sir­able Jo­han­nes­burg sub­urbs where prices are still well be­low their boom-time lev­els. This year’s Gaut­eng Prop­erty Price In­di­ca­tor (GPPI) by Lew Gef­fen Sotheby’s In­ter­na­tional Realty shows sig­nif­i­cant in­creases in vol­ume over the past 12 months in most of those ar­eas where the av­er­age sale price ex­ceeds R5m. The GPPI is com­piled us­ing Deeds Of­fice records and re­veals that sales vol­umes in­creased most in Dunkeld, Inanda, Mel­rose, Sand­hurst and Morn­ing­side, with good re­sults also achieved in West­cliff, Atholl, Houghton, Park­town and Black­heath. “Home prices in most of these sought-af­ter sub­urbs are still well off the highs of 2007 and 2008,” says Lew Gef­fen, chair­man of Sotheby’s In­ter­na­tional Realty in SA, “but they are just start­ing to move up again and clearly shrewd in­vestors be­lieve it is the right time to get back into the lux­ury prop­erty mar­ket.” The GPPI shows that there were more than a dozen sub­urbs in Greater Jo­han­nes­burg where be­tween 150 and 400 home sales were con­cluded over the past 12 months and the av­er­age home price in most of them ranged be­tween R1m and R2,5m.

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