Chas Everitt Internationa focus on - Midrand

Midrand poised to boom again

Situated between Johannesburg and Pretoria, popular Midrand is set to boom once more when the property cycle turns.

Zakes Myeza, principal of the local Chas Everitt International franchise, says the Midrand residential property market will flourish quickly once the overall market starts to recover, thanks to the area’s central locality, good infrastructure and wide variety of entertainment and attractions.

In addition, property in the area caters to a broad spectrum of income groups and price ranges. For instance, families upgrading from the nearby township of Klipfontein are moving into areas such as Vorna Valley where prices favour first time buyers. Meanwhile, top end buyers are spoilt for choice with a variety of luxury golf estates and upmarket properties to choose from.

Says Myeza: “Midrand has something for everyone and offers great value for money. It’s a cosmopolitan node and ideally situated for those who commute either to Johannesburg or Pretoria. And with the price of fuel as it is, locality is an important consideration.”

Further bolstering the argument for the area’s coming surge is the advent of a Gautrain terminus, which will inevitably draw investment. Business interests will undoubtedly find the terminus key to their operations due to the exposure and commuting convenience which comes with being close to such a node.

Further momentum has also been generated by a recent announcement by the City of Johannesburg Planning Department, which has targeted the area for both residential and commercial expansion in line with the city’s urban design framework. Priority will be given to mixed-use developments.

Myeza says the sectional title market is the best performer at the moment with properties in this segment consisting primarily of one and two bedroom, one bathroom units at prices between R400 000 and R1,1m.

Freehold property sales are currently somewhat sluggish, although prices are becoming attractive to investors. Such properties generally have three bedrooms or more and prices range from R800 000 to R3m depending on locality and the age of the property.

Aticle by: www.chaseveritt.com