Lock-up-and-go drives North Riding demand
Category Industry News
Property demand in the popular suburb of North Riding is being driven by buyers seeking the convenience of a secure, lock-up-and-go home.
"Today's buying decisions are being significantly influenced by peoples' on-the-go lifestyles, with buyers increasingly striving for convenient solutions to simplify their busy lives. Convenience and security have emerged as two of the most important deciding factors when purchasing a property, which is why North Riding remains such a popular suburb for a vast demographic from first-time buyers to young executives, to empty nesters, to families," comment Sandra McKenzie and Stef Caisutti, Adrienne Hersch Properties area specialists.
Sandra says buyers love the fact that North riding is a lock-up-and-go area, with chiefly complexes that are guarded 24 hours per day and situated close to all amenities.
She says the North Riding area has experienced significant development over the last 10 to 15 years, with the emergence of several sectional-title apartment, townhouse and cluster home developments.
"This concentration of development was in response to high demand from up-and-coming buyers seeking good value as well as a convenient, easily accessible location close to major arterials, business hubs and key lifestyle amenities."
"Most of these complexes offer 24-hour security which is a big advantage for buyers. These complexes also offer great communal facilities including large garden areas featuring braai and children's play facilities, swimming pools, laundromats and clubhouses," she continues.
Stef says buyers are also attracted to the excellent value on offer in comparison with neighbouring areas.
"Buyers can find outstanding value in the North Riding area which is more affordable then the surrounding areas of Olivedale, Fourways, Johannesburg North, Sharonlea and Douglasdale."
He says the average age in the area is between 25 and 45 with the buyer demographic chiefly made up of young first-time buyers and young families.
Recent Lightstone figures echo these sentiments with 48% of recent buyers aged between 18 and 35.
One-bedroom apartments generally sell for between R699 000 to R 790000 (Except for new developments which are around R 15000 per square meter). Two-bedroom townhouses range between R700000 to the bigger units with gardens which sell for around R 950000. Three-bedroom clusters range between R 1,200000 to R 2,900000.
Sandra says demand in the area is so robust, that properties generally do not stay on the market if priced right for long.
"Properties in the area generally don't sit on the market for longer than 90 days. But in most cases, we find we sell these homes within one month to six weeks of listing. Stef and I get to know and understand our client's needs, aiming to match them to their ideal home."
The pair say they anticipate that 2019 will be a good year for the North Riding property sector.
"Sellers are aligning themselves with the market and buyers are becoming more interested by price, and location (North Riding is close to Highways/Sandton/Fourways). The expansion of the Fourways Mall has also created a hype in the surrounding areas."
Author: Adrienne Hersch Media Team