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Germiston’s Diversifying Property Market
Category Property News
With far-reaching appeal both in demographics and property prices, Germiston’s property market is attracting a large urban populace as it is effectively competing in Gauteng’s domestic economy. With burgeoning commerce and residential sectors, the East Rand suburb is an affordable housing alternative in comparison to its surrounding areas, including Sandton, Midrand, Bedfordview, and Rosebank.
It is seated in the Ekurhuleni Metropolitan, alongside Alberton, Benoni, Brakpan, Boksburg, Edenvale, Kempton Park, Springs and Nigel. Although the suburb is a modern hub, in-which new developments are mushrooming consistently, Germiston’s residential property market has managed to remain significantly more affordable than the rest of Ekhuruleni and the wider Gauteng.
With such competitive prices, a rapidly increasing number of young professionals are moving into the area as they see it as a great option to save on rent or their bond repayments, without compromising on quality of life and still remaining in close proximity to key commercial precincts in and around Johannesburg.
According to Lew Geffen Sotheby’s International Realty’s Property Consultant and Germiston Area Specialist, Bernadette Schofield, property prices in the suburb, most specifically in the areas of Dawnview, Fishers Hill, Sunnyridge and Solheim, start from as low as R640 000 and reach up to approximately R2 650 000, with an average price of R1 261 708.
Germiston was originally a freehold haven, with property buyers flocking to its market to purchase freestanding homes, and although this continues to be a popular choice among buyers between the age of 40-55 years old with freehold properties comprising most of the market stock, sectional-title homes especially complexes, have evolved to become the most popular property type, specifically among buyers between the age of 25-45 years old.
Schofield reasserted the innate affordability in Germiston’s property market, and said that buyers can get incredible value for money when taking into account price per sqm. The homes here are spacious, with the average freehold property spanning 900 sqm and the average sectional-title unit spanning 96 sqm.
Germiston is centrally positioned and this makes it a home buyer's dream as they can move around Johannesburg with ease. It lies just 15-20 minutes away from Sandton and Rosebank, 28 minutes from Kempton Park, 20 minutes from Alberton and 14 minutes from Boksburg.
The affordability factor is undoubtedly the primary reason new buyers are entering the town, however, alongside this, there is a new emerging trend driving the market. Germiston is witnessing an influx of businesses that are taking advantage of the town’s favourable centrality and low rentals. An example of its commercial prowess is developer confidence in the form of an R850 million industrial and business park in Germiston’s Gosforth’s Park.
An Atterbury Property Developments, the park spans 103 000 sqm of modern business space, designed for blue chip industrial companies, as well as showrooms and offices.
As younger professionals are choosing more affordable residential options, suburbs such as Germiston are expected to grow in popularity. Since this demographic is driving the sectional-title market, this property type is expected to grow in stock to meet increasing demand. Such a trend will see Germiston’s property landscape transform as the area transitions from a freehold stronghold, to one that diversifies to meet market demand.
Author: Lew Geffen Sotheby's International Realty