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Demand and Property Prices on the Rise in Morningside
Category Property News
Strategically positioned in the northern suburbs, Morningside is regarded by many as one of the most desirable areas to live in Johannesburg and, with entry level free-standing house prices now nudging the R4 million mark, it offers investors an excellent opportunity to achieve significant capital growth on investment.
According to Wayne Brownhill, Area Specialist for Lew Geffen Sotheby’s International Realty, the single title homes that are still available for under R4m are usually old and often bought for the land. The houses are then demolished to make way for modern houses, which are generally worth at least three times the original price.
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty attributes the increasing demand and subsequent rise in property prices to several key factors, including the dearth of available land for new development.
“The expansive family estates that once made up Morningside have all been subdivided and sold off as smaller erven or to developers for cluster homes, so there quite literally is no more space available.”
“One of the main reasons for the burgeoning demand,” says Geffen “is Morningside’s central location. Not only is it is conveniently tucked between Bryanston and Sandton, with Sandton City quite literally a stone’s throw away, it also lies along both sides of Rivonia Road, offering an easy commute to the nearby business centres.”
Author: Lew Geffen Sotheby's International Realty
