Joburg’s rapidly evolving Rosebank in a league of its own
Category Property News
One of Johannesburg’s most dynamic suburbs has changed dramatically in recent years, transforming from a vibey residential enclave into the template for successful mixed-use areas and, in a city known for its crippling traffic congestion, Rosebank is also one of very few places where one can easily live without a car.
This three bedroom, two bathroom home in Rosebank has a patio, pool and two staff quarters. It is on the market for R6.5 million - click here
This is according to Di Kuhlenthal, Area Specialist for Lew Geffen Sotheby’s International Realty, who says that almost 91% of all residential properties in Rosebank are now sectional title, and the suburb’s evolution is marked by the crucial fact that around 80% of current homeowners only purchased in the area in the past five years.
Kuhlenthal says the number of sectional title registrations hit an all-time high of 159 last year, up from just 20 in 2015 and a previous high of 38 registrations in 2010.
“Rosebank has become a very vibrant, multicultural node that is especially popular with young professionals working in the area, as well as executives who commute to Johannesburg for work purposes from other parts of the country,” says Kuhlenthal.
“The suburb caters to most budgets and needs as it offers buyers a very broad choice of apartments, from starter studios or older one bedroom flats at around R1 million to super-luxury penthouses for up to R18 million, although most sales are between R1.5 million and R3 million.”
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says this is clearly indicated in the most recent Lightstone data on the suburb covering the 12 months ending 28 February 2017.
This two bedroom, two bathroom home in Rosebank has two parking bays and a 24-hour guarded entrance. It is on the market for R3.95 million - click here
“It shows that 164 sectional title properties changed hands with a total value of just over R350 million. Of these, the majority (111) were in the R1.5 million to R3 million price band at an average sale price of R2.07 million, while the second most active price bracket comprised homes between R800 000 and R1.5 million in which 29 sales realised an average unit price of R1.35 million,” says Geffen.
However, he says the top end also performed reasonably well - especially given the overall economic climate, and 19 apartments priced above R3 million were sold, at an average unit sale price in this bracket of R4.07 million for the 12-month period.
“Five apartments sold for less than R800 000, with the lowest sale price being R400 000, whilst the others averaged R755 000.
Although freehold homes now account for less than 10% of the property landscape, there were eight transactions during the 12 months to February 2017 at an average unit sale price of R11.6 million, but Geffen says these properties have become a very scarce market commodity.
“Developers have bought up many of the older houses to demolish and replace with sectional title units or office blocks, while others have been converted into businesses,” says Kuhlenthal.
This four bedroom, five bathroom apartment in Rosebank has staff accommodation, six basement parkings and a 24-hour guarded entrance. It is on the market for R17 million - click here
However, she says, despite the stellar growth of Rosebank’s commercial sector, the district also offers its residents an array of amenities and facilities, including superb shopping malls, restaurants and pavement cafés, markets, hotels, cinemas, galleries and night clubs.
“Along with much of Gauteng, Rosebank’s market got off to a sluggish start this year, with only 15 of the 164 sales being concluded during the last three months of the suburb report period from December to February, but the summer holidays were a contributing factor and sales have been steady,” says Kuhlenthal.
“The fact remains that people want to live in Rosebank as it offers a higher level of convenience than any other suburb - residents can walk wherever they need to go within the area, and it is also well serviced by public transport including the convenience of hopping onto the Gautrain to get to OR Tambo, Pretoria, Sandton or Midrand.”
Kuhlenthal says there are also several good schools nearby including Kingsmead, Pridwin and Bellavista.
“Rosebank is unique in that it has a very successful commercial node within a pleasant working, shopping and entertainment environment, without losing its character and charm as a residential suburb,” says Kuhlenthal.
“Rosebank’s success has also been rewarded by the municipality’s declaration that it is a priority infrastructure and service delivery improvement node within greater Johannesburg.”
Author: Lew Geffen Sotheby's International Realty