Home sales jump in top Joburg suburbs
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.