According to recently released data from Lightstone, Riverside View (located in the Northern Suburbs of Johannesburg) is the suburb with the highest volume of first-time buyers in Gauteng. The Riverside View Housing and Development Programme (RDP) began in 2016 and has offered first time buyers the unique opportunity to enter the property market. These findings were captured as part of the Lightstone Property Overview, with a focus on the performance of the Gauteng market over the last year.
Results within the report presented at the recent Property Buyer’s Show in Johannesburg indicates that although low economic growth continues to increase pressure on the overall property market, the current value of the Gauteng market remains stable to the previous year’s findings.
“What’s interesting about the national property view of the country, is that although the total value and volume of stock increased from 2018 to 2019, transactional activity has slowed down across the major provinces,” says Paul-Roux de Kock, Analytics Director at Lightstone.
“This could be indicative of lagging supply now catching up with demand, along with several other influences such as slow economic growth and an increase in unemployment.”
Cyclical transfer activity from the first quarter of 2019 illustrated a slightly reduced rate in registrations as consumers anticipated the results of the national election in the first quarter of this year. Transfer activity then picked up in quarter two and three with the exception of the Western Cape signaling an upsurge for the buyers’ market in this province over the last two quarters.
By utilising Lightstone’s lending grade automated valuations model, the most expensive suburbs and streets in Gauteng were revealed and predictably Sandton and specifically its central suburb of Sandhurst dominated the list.
Analysis of estates in Gauteng shows the highest median value for Villa Santini in Sandton and the highest house price growth for Zambezi Manor located in Pretoria a spot previously held by Clouds End in Sandton, now at number two on the list.
“Although the property market has been weighed down by economic pressure, we are encouraged by the fact that the affordable market segment has achieved good growth, which continues to empower South Africans starting their journey on the property ownership ladder with wealth building opportunities” concludes De Kock.