Rivonia ‘the next high-density hub’
• Two properties in northern suburb of Johannesburg, which are ideal for development, will be on offer at High Street Auctions sale
Property speculators have their sights set firmly on prime highdensity residential development land in Johannesburg’s northern suburbs as Sandton entrenches itself as the business powerhouse of SA.
According to James Dall of High Street Auctions, suburbs within a short commuter hop of Sandton have in recent months shown a notable revival in market activity, despite the country’s macroeconomic doldrums.
“Sandton’s status as a financial and corporate hub has to a large extent cushioned the sectional title markets in the surrounding suburbs. Demand for these more affordable homes, relative to the cost of freehold properties in the north of Johannesburg, has not wavered even though the first two quarters of 2017 saw weaker overall buyer sentiment,” he says.
According to FNB’s latest House Price Barometer published in October, Gauteng’s three metros have the lowest average time of homes on the market, thus being arguably the most “price realistic”, or closest to market equilibrium, of the major metro housing markets.
“The period of market correction earlier in the year naturally made developers more discriminating when choosing locations because of the sizeable investment required for new builds, but prime sites will always appeal to savvy buyers. The current market momentum makes premier locations such as Rivonia even more attractive, especially if zoning has already been approved,” Dall says.
Lance Chalwin-Milton of High Street says two properties in particular will attract strong bidder interest in the company’s next multiproperty auction.
The first is located in Homestead Road, Rivonia, and the other in Rietfontein Road.
“Rivonia is set to become northern Johannesburg’s new high-density node, as the western side of the suburb has been earmarked for high density development according to the area’s Regional Spatial Development Framework,” says Chalwin-Milton.
“Over the past three years, a new residential hub has been created on the western side of Rivonia Road and high- and medium-density clusters and apartments have been developed from 7th Avenue to 12th Avenue,” he says.
“The Homestead Road site measures 3,965m² and has been levelled for construction. There are plans for an 80-unit development comprising basement parking and four storeys of apartments, which range in size from 47.7m² to 70.9m² and offer either one bedroom, one bathroom options or two bedroom, two bathroom options.
“The Rietfontein Road site offers the opportunity for a developer to build 11 luxury cluster units on subdivided freehold title stands. Each unit leads on to a swimming pool, double garage and staff quarters.”
The next High Street Auctions sale takes place at Summer Place in Hyde Park from 12pm on November 1.