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Morningsides thriving sectional title sector adds new development feather to its cap
Category Property News
Morningside’s growing status as one of Johannesburg’s most desirable suburbs can largely be attributed to its appealing synergy of urban convenience and tranquil suburbia, which have combined to create a resilient market that has resulted in the average freehold house price breaching the R6 million mark during the past three months, with top end prices now nudging R20m.
However, while the upper end of the market is undoubtedly holding its own despite the lacklustre economy, it is Morningside’s diverse and accessible sectional title sector that is seeing the most activity.
Di Kuhlenthal, new developments specialist for Lew Geffen Sotheby’s International Realty, says that sectional title homes now account for 63 percent of the suburb’s property landscape.
“In comparison to the freehold market, this sector offers excellent value with very accessible pricing that allows first-time buyers and young families to get a foot on the ladder of one of Johannesburg’s most stable property markets,” says Kuhlenthal.
“Investors also have a broad range of property options from which to choose, with prices starting at around R900 000 for a compact one-bedroom flat, and ranging all the way to R20m plus for a luxury penthouse with all the bells and whistles.
“The most sought-after properties are modern two and three bedroom apartments and townhouses in the R1.5m to R3m price band and, according to Lightstone data, 40 percent of all sectional title sales recorded during the three months ending August 31 were in this bracket.”
Kuhlenthal says most of the investors in this mid-market bracket are under 40 with young families of school-going age and, in addition to the affordability, convenience and security of these properties, buyers are also drawn by the sound resale value they can expect when the time comes to upscale.
Morningside’s latest sectional title development, due for completion in November, not only ticks all these boxes, it also offers the definitive upmarket urban lifestyle along with being situated in a quiet lane in treed, park-like surroundings.
Plaisir is a 20-unit complex consisting of two and three bedroom apartments as well a luxurious penthouse with breath-taking views and a roof terrace.
Kuhlenthal says there are garden apartments, middle floor units and top floor units with views, all with top end finishes and equipped with Miele appliances.
“Residents will also enjoy the peace of mind of 24 hour security and the convenience of being a stone’s throw from Morningside Shopping Centre and Redhill School.”
The apartments are priced from R1.999m to R3.999m and the penthouse costs R7.999m, all exempt from transfer duty.
Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty says: “Developments like these are exceptionally popular as investors are buying brand new homes at very accessible prices in a high value zone.”
He says the popularity of sectional title homes in Morningside is evidenced by the number of sales recorded in the past three months alone.
“Lightstone data reveals that there were 73 sectional title sales during this period worth a combined R211.8m, at an average sale price of R2.9m.
“Though the most sales (29) occurred in the R1.5m to R3m price band, 18 units were sold for more than R3m at an average price of R6.7m. At the lower end of the market there were 25 sales in the R800 000 to R1.5m bracket and one apartment sold for under R800 000.”
Kuhlenthal says: “Morningside will continue to be one of Johannesburg’s most sought-after suburbs as it offers the best of both worlds. Not only does it offer an exclusive suburban lifestyle; it is also conveniently tucked between Bryanston and Sandton along both sides of Rivonia Road, with quick easy access on the Grayston and Buccleau interchanges that link the N1, M1 and N3 highways.”
Author: Lew Geffen Sotheby's International Realty