Randburg become increasingly attractive to first time buyers looking to get a foot on the property ladder. Picture: Supplied
Randburg has been a popular destination for both home and investment purchasers during the difficult market conditions, post the Covid-19 pandemic.
Randburg, being one of Joburg’s largest suburbs, provides value in the housing market as it has continued to consistently perform and hold its own in a harsh economic environment.
With much of Gauteng suffering in the past few years, Randburg has provided great value for money, investment opportunity, and lifestyle, so says the chief executive of Lew Geffen Sotheby’s International Realty, Cobus Odendaal.
“In recent years, Randburg become increasingly attractive to first time buyers looking to get a foot on the property ladder, but savvy investors are realising that the area has very diverse housing options to suit all pockets.
“Whether you're a first-time homebuyer, upgrading to a larger property, downgrading as empty-nesters or seeking an investment opportunity, Randburg’s diverse housing market caters to all needs, life stages and lifestyles,” Odendaal said.
Odendaal said Randburg also offers enticing investment options for property purchasers seeking capital appreciation and rental income.
Odendaal said there were three suburbs in particular - Linden, Randpark Ridge and Olivedale, that provide good possibilities for property purchasers, investors, and those searching for a remodelling projects.
The suburb of Linden is one of Randburg’s most beautiful and oldest neighbourhoods, and despite its proximity to prominent business areas such as Sandton, Northcliff, and Melville, it has maintained its unique character and beauty.
It has long been one of Randburg's most popular suburbs, with nearly half, or 48%, of current owners having lived in the area for more than 11 years.
Data also showed that 25% of currents residents purchased property in the area during the last five years, demonstrating the area’s continued popularity.
The average property price is roughly R2.7 million, but you can acquire a wonderful three-bedroom house for R2.3 million or a four-bedroom house for around R3.1 million.
Apartments are listed from about R795,000 for a one-bedroom apartment, while townhouses vary from R800,000 to R2.3 million.
In terms of investment, the market has remained stable over the last decade, with constant growth and rising median home values.
Randpark Ridge is a peaceful, well-established neighbourhood with easy access to major arterial roads like the N1 and a diverse network of shopping complexes and eateries.
The suburb is home to four highly sought-after schools such as Rand Park High School and Rand Park Primary School, which are the area's public schools, and Trinity House High School and Curro Aurora, which are well-known private schools.
Almost 85% of houses are still freehold, with 23% being estate homes, and the median house price has consistently climbed over the last decade to roughly R2 million.
Randpark Ridge is an aspirant suburb, but first-time buyers can enter the market for less than R1 million when purchasing a flat or townhouse, or around R1.6 million for an older house that requires some TLC.
Those looking to upgrade can purchase three to five-bedroom house for between R2.5 million and R3.8 million.
This established suburb has seen a recent increase in value and investor interest due to its beautiful tree-lined streets, well-kept pavements and gardens, and free-standing homes on spacious plots of land.
The property landscape now includes sectional title properties, providing options for all lifestyles and budgets. Apartments range from R700,000 to R1.6 million, and townhouses from R800,000.
Last year, the median house price in this suburb reached an all-time high of R2.25 million.
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