Ten homes priced between R22 million and R66 million were sold in Sandton and the surrounding suburbs in the months since January 2016, and property experts expect this number to rise this year, as there seems to be renewed interest in luxury homes and a pique in enquiries in this segment of the market.
Charles Vining, Seeff’s Managing Director for Seeff Sandton, says that while the market had a reserved year in terms of sales of super homes, it appears that an element of stability has returned to the luxury market as has been clearly demonstrated by the significant uptick in sales in the R14 million to R20 million range over the past six months.
“Naturally the R20 million plus range will follow on, particularly in the leafy Parks suburbs and the exclusive Sandton neighbourhoods of Sandhurst, Hyde Park, Morningside and Bryanston”.
African investors and Johannesburg business men and women will continue to base themselves in suburbs where they are only a short distance from the commercial hub and entertainment centre of Sandton and the Johannesburg CBD. Furthermore, the suburbs in the heart of Sandton hold their values well and are ever-in-demand, which is excellent for medium to long term investment purposes.
“Buying a super home in Sandton is a mark of success. Elite business people are inspired by Sandton living, while the heritage-style homes on sprawling grounds are attractive to executive families who want to be close to some of the most prestigious schools in the country”.
Vining continues that Sandton remains a hive of development activity.
“Mixed-use developments have gained popularity and several are currently under construction, (new build such as Kgoro and expansion of existing developments such as Melrose Arch) and is attracting fresh interest. Sandton and Morningside have seen numerous hotels with sectional title rooms go up, and there are plenty more high-rise apartment buildings underway – while some are just breaking ground others have neared completion”.