Investment and development have transformed the once-modest East Rand suburb of Modderfontein considerably over the past decade and its elevated status and growing popularity have steadily driven an increasingly resilient residential market that is weathering the current economic storm far better than many areas.
Citing Lightstone data, Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says: “In 2010, the freehold median price briefly dropped from its previous high of R3.15 million to just R950 000 but by 2011 it had jumped to R4m from where it continued to increase, reaching a record R4.3m by 2015″.
“There is no denying that the market has been slower this year with a slight dip in sales, but property values have remained on a steady upward trajectory with a median price of R4.65m recorded last month.”
William Lee, Area Specialist for Lew Geffen Sotheby’s International Realty in Modderfontein and Greenstone Hill says: “Modderfontein has a wide range of properties to suit all budgets, from entry level houses and apartments starting at around R2.3m and R850 000 respectively to large modern designer homes nudging the R10m mark.”
He attributes Modderfontein’s market buoyancy and surge in demand to a combination of appeal factors that tick most of the priority boxes for Johannesburg home buyers.
“Security is the number one concern for most people and Modderfontein is becoming known as one of the safest suburbs. There are now several boomed areas with limited access as well as highly sought-after lifestyle estates that afford residents the peace of mind of top level security as well as on-site amenities such as parks, pools and playgrounds where children can play safely and families can relax”.
“And in a congested city like Johannesburg, Modderfontein’s thriving commercial and business nodes allow many residents to live a stone’s throw from their place of work while its convenient central location allows easy access to OR Tambo Airport, Sandton and Midrand.”
Further fueling the market is the fact that Modderfontein is poised to become one of Johannesburg’s most influential nodes with the imminent R84 billion development of a 1 600 hectare Smart City with commercial, industrial, educational, medical, leisure and residential components.
Says Lee: “The developer, Zendai Group, has already started construction on infrastructure development at Modderfontein New City with the recent completion of the R45m extension of Centenary Road which links Modderfontein Road to adjacent Linbro, which will ultimately offer alternate access to and from the N3″.
“Township services are also already in place with the development of a new eco-estate behind Westlake already underway as well as a planned 300-unit sectional title gated complex overlooking Flamingo Dam to be built, which is due for release within the next few weeks.”
“The most sought-after properties are homes in the lifestyle estates that all incorporate an array of amenities such as well-maintained parks, playgrounds and communal pools,” says Lee, “and all of them have a great sense of community with most hosting regular social events exclusively for residents.”
Lee adds that there has been a marked increase in activity in Modderfontein’s mid to upper markets, especially in the estates where stock shortages are now being seen.
“The area is now attracting a new calibre of investor and this has begun pushing the average price of property above the standard for the East Rand”.
“Home buyers with families, especially, are increasingly becoming aware of Modderfontein’s numerous drawcards. The area is known for its safety, there are a number of good schools, the Modderfontein Reserve and sports ground offer excellent outdoor recreational facilities and, not least, it’s shown stable growth in property values in recent years.”
Commercially, Modderfontein is strategic located with direct linkages to OR Tambo International Airport and the Ekurhuleni Aerotropolis, placing it in prime position for the freight and logistics markets, and the precinct is also likely to be home to the Gautrain’s next proposed station, which is positioned on the OR Tambo Sandton line.
