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Fourways market takes off 'like a rocket' after months of lockdown
Category Property News
Level 5 lockdown placed considerable pressure on an already beleaguered industry which ground to a halt overnight; it also gave buyers the luxury of time to browse online and consider their needs so that, when the market reopened in June, many popular areas like Fourways saw an unexpected flurry of activity.
So says Philip Myburgh, Co-Principal of Lew Geffen Sotheby's International Realty in the Greater Fourways area, adding: "During Level 5 we maintained regular contact with our clients, keeping them informed and up to date and, although we did receive enquiries during this period, it was after June 1 that the flood gates seemingly opened with a deluge of enquiries, listings and sales.
"Most sought-after right now are correctly priced homes below the R3,5 million mark, with houses generally more popular than apartments as people are factoring in the 'new normal' which includes spending a lot more time at home than before the pandemic.
"However, investment purchasers are recognising starter sectional title properties, especially in conveniently central locations, as being great investments and these are often snapped up by investors as rental properties.
"There are also a number of buyers looking to upsize due to the fact that they will continue to work from home and there is greater demand than before for properties that can accommodate comfortable multi-generational living with in-laws and grandparents."
Co-Principal, Adam Brown, says the market in suburbs like Douglasdale, Magaliesig, Lonehill and Dainfern "took off like a rocket" in June, resulting in a record month for both sales and rentals.
"Most of these buyers are looking for homes with three or more bedrooms priced between R1.5m and R3.5m, with a preference for properties that have been well maintained and recently updated with regards to fittings and finishes, flooring and paint colours.
"And with Covid-19 having taught us all to be more self-sufficient when it comes to cooking for ourselves, a priority that's topping the list is a clean, bright and beautiful kitchen along with additional entertainment space such as a covered patio large enough for couches and a dining table."
Lonehill and Beverley agent, Lou-Ann Chetty, agrees: "My current buyers are almost exclusively looking for move-in ready properties that offer the option to work from home and are fibre-ready. Also high on the list are privacy, low maintenance, security and low levies where applicable.
"Most buyers are also on the hunt for bargains and, having done their homework, are very knowledgeable about the market in this area so, even though there is demand, sellers must be cognisant of this fact and price their homes accordingly to achieve a quick sale.
"That said, buyers also do understand that there is a premium to be paid for the excellent security and family-friendly community appeal of suburbs like Lonehill."
Myburgh says that although there has been considerably less activity at the top end of the market, sales are being concluded in the upper price bands but predominantly in the estate sector.
"Lifestyle estates like Dainfern Golf Estate and Steyn City are most popular, with the median sale price of sectional title and freehold prices at Steyn City both increasing this year, from R4.512m to R4.7m and R4.5m to R4.9m respectively.
"Steyn City's appeal is that it offers an excellent live-play-work environment as well as a wide variety of properties across many price bands, from R6m for a modern apartment to R250m for a designer home with all the bells and whistles."
Brown and Myburgh believe that Fourways' market resilience is largely due to its diversity of properties, the wide array of first-class amenities and an exceptionally convenient location with excellent links to other nodes.
"We recently acquired this franchise despite the subdued economic climate as both of us have a great passion for the area and know it well, having seen first-hand the possibilities the Fourways Precinct offers after seeing it grow from strength to strength over the years.
"The ongoing investment and development in the area, along with the anticipated growth that this will generate have inspired investor confidence and Fourways is now considered to be one of the most promising areas for buying property in Johannesburg."
Author: Lew Geffen Sotheby's International Realty