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Young buyers finding great value in Johannesburg’s North Riding

North Riding is fast emerging as one of Johannesburg’s most lifestyle-friendly suburbs due to its affordability, strong community focus and prime position in relation to major transport routes and key amenities.

According to Adrienne Hersch Properties Area Specialists, Tania Fourie and Francois du Toit, North Riding has recently seen an influx of younger buyers to the area.

“North Riding is an exceptionally young area with 84% of recent buyers in the area aged below 50, according to recent figures from Lightstone. The numbers show that 48% of these buyers are aged between 18 and 35.”

They attribute this growth to the area’s high concentration of complexes, estates and sectional title units, and far more competitive prices than nearby suburbs of Bryanston and Rivonia.

“Livability generally relates to less affordable suburbs, with buyers paying a premium to be situated in areas close to major transport routes and key amenities. North Riding offers buyers excellent value in comparison with surrounding suburbs and has very easy access to the N1, Fourways, Midrand and Lanseria International Airport,” comments Fourie.

“This younger demographic of buyers is drawn to the secure, lock-up and go lifestyle offered by properties in the area. Another major drawcard is that many of these complexes offer excellent communal facilities large garden areas, children’s facilities, pool, laundromat, braai areas and a clubhouse.”

Two bedroom sectional title units range from R700 000 to R850 000, while three bedroom apartments can fetch between R850 000 and R1 million. Three bedroom cluster homes are selling for between R1.2 million and R1.8 million. Exclusive and upmarket freehold cluster homes in the area are fetching between R1.75 million and R2.2 million.

Du Toit says the area’s older, more established complexes are in particularly high demand because they offer more value in terms of size.

“Many of the new developments going up in our area are priced high and the square meterage compared to the more established complexes is significantly smaller. Another consideration is that the building quality in many of these complexes is not always of a high standard.”

According to the team buyer demand is robust, despite a constrained property market with homes generally spending a maximum of 8 to 12 weeks on the market before being sold.

“Today’s buyers really do their homework. They keep a close eye on their top five properties and monitor their progress each week online in terms of price adjustments, offers and sales.”

Last month, the team sold a three bedroom cluster home in the area in two days. Fourie attributes this short turnaround time to realistic pricing.

“The only reason we were able to sell this cluster in such a short timeframe was because the seller allowed us to position the home realistically in the market place from a price perspective. Price creates interest, and interest sells homes.”