Ferndale a hotspot for first-time buyers

Private Property South Africa
Private Property Reporter

Ferndale has become a popular hotspot for young, first-time home buyers due to its central location.

Carina a’Porta, Adrienne Hersch Properties area specialist, says sectional-title townhouses are particularly appealing among this demographic of buyers.

According to recent figures by Lightstone Property, 71% of currently available market stock in the area is sectional-title. The figures also show that 54% of recent buyers in the area are between the ages of 18 and 35.

“Good affordability in the area means first-time buyers can get on the property ladder relatively easily. We have seen a noticeable rise in buyer interest in the sectional-title market with a high demand from young executives and professionals entering the property market .” Carina says the average estimated sales price for a 1-bedroom apartment ranges from R590 000 to R790 000. Bigger apartments and garden units range from R920 000 to R1.5 million depending on size, features and finishes.

She says she's seen a slight increase in property prices in the area since the start of this year. “We’re seeing more serious sellers entering the market as opposed to curious sellers. On the buyers’ side, we’re picking up a lot of optimism and eagerness. Serious buyers are still looking around, but once they have found their home, they are following through with good offers and are working closely with other professionals such as bond originators to ensure a smooth sale.”

Lightstone’s figures show that the median house price growth on sectional-title homes has grown by 30% in the area since 2007. The median house price growth on freehold homes has grown by 34% since 2007.

Carina attributes the growing interest in the area among first-time buyers to its central location.

“This suburb has it all location-wise. Ferndale is ideally situated and offers access to all major bus and taxi routes as well as easy access to all highways and major routes such as Malibongwe, Beyers Naude, Bram Fischer, Republic Avenue, Bond Avenue and best of all, Jan Smuts, which connects Randburg to the Johannesburg CBD.” On the business front, Ferndale is also home to many companies as its CBD forms part of the bustling Randburg business district. Ferndale also neighbours Strijdom Park where many other businesses are located.

She says another major attraction to the area is its proximity to a number of leading public and private schools, colleges and higher learning institutions including St Stithians College, Radley College, Knights Preparatory School, Randburg Hoerskool, The Swiss Hotel School, Vega and Damelin.

Ferndale offers easy access to leading shopping centres including Randburg Mall, Cresta Shopping Centre, Northgate Shopping Centre, Sandton City and Randridge Mall. The Brightwater Commons, which is currently undergoing a major revamp, will soon be making an impressive comeback and will be home to Urban Brew Studios. Nightlife and entertainment seekers are on the doorstep of Monte Casino, Rosebank, Parkhurst, Illovo, Melville, Greenside and Sandton. Carina adds that the Ferndale area also offers access to some of Johannesburg’s most innovative and modern healthcare facilities including Sandton Mediclinic, Olivedale Clinic and the Johannesburg Eye Hospital.

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