Midrand shows strong market resilience

Midrand has become a key growth point in Gauteng, largely driven by the rampant commercial and residential development in the area and affordable quality homes.

Manager principal for Lew Geffen Sotheby’s International Realty in Midrand, Grahame Diedericks, said because of the ongoing development and strong demand, the local market has not been affected by the current economic downturn as severely as the surrounding and more established suburbs and it still presents a good investment opportunity in one of Gauteng’s fastest growing areas. This after the Reserve Bank Monetary Policy Committee recently revised South Africa’s growth rate for 2016 down to 0 percent, leaving the country in a definite economic slump.

He added, “Our office achieved a record first two quarters in 2016 and the outlook for the remainder of the year is also positive as there’s no sign of a decline in the influx of buyers who are attracted by Midrand’s value offering and all round convenience.

“There are now a number of modern sectional title developments in Midrand such as Country View, Glen Austin and Halfway Gardens in which first-time buyers can enter the market for well under a million. Freestanding houses generally range between R1.2 million and R5 million and townhouses and cluster homes vary between R1 million and R2.5 million, depending on the area and the finishes.

“The most sought-after estates that command the highest prices are those that offer the best security and on-site amenities as well as easy access to conveniences such as shopping centres and the main arterial routes.” Diedericks added that although all market sectors are active, the lower end is currently performing exceptionally well and homes for under R1 million are usually snapped up soon after being listed.

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty said, “Lightstone statistics reveal that the number of properties in Midrand has doubled since the millennium, with an increase of more than 500 percent in the total number of sectional title properties developed during this period.

“Steyn City Parkland Residence paved the way for self-sufficient super estates in Midrand, and Waterfall Estate, which is now in development, also offers residents a secure lifestyle within a prestigious gated community with a myriad on-site facilities including a private school, clubhouse, restaurants, family parks and convenient shopping,” he said.

Geffen stated that investor confidence is further underscored by the fact that Porsche SA recently made the highest bid of R205 million for Kyalami race track with extensive development and upgrade plans in the pipeline.