A concentration of mixed-use, commercial and residential developments are significantly driving growth in the Fourways property sector.
Sandra McKenzie, Adrienne Hersch Properties’ Olivedale Branch Head, says Fourways is one of the most rapidly expanding developing commercial and residential nodes in Gauteng, specifically due to the R2.4 billion expansion of Fourways Mall, which will constitute one of the largest retail nodes in South Africa.
“Fourways is quickly becoming an entertainment, retail, commercial and residential hub that rivals Johannesburg and Pretoria CBD precincts such as Sandton, Rosebank and Menlyn.”
She says demand remains robust in the area despite a constrainted economic climate.
“We anticipate property prices to slowly climb as demand from both buyers and investors continues to rise against this backdrop of substantial development and investment in the area.”
Sandra says Fourways offers something for everyone in terms of its vast range of properties on offer from apartments, townhouses, cluster homes and large family homes.
“Investors are able to get a lot more house for their money in comparison with neighbouring suburbs. The area also offers larger than normal stands with many of the original Fourways homes measuring 15000 sqm.”
The largest demographic of current buyers in the area are young professionals seeking lock-up-and-go sectional-title units in secure complexes.
“Fourways is a young area as recent figures by Lightstone reflect, with 47% of recent buyers between the ages of 36 and 49, followed by 30% between aged between 18 and 35. This younger demographic feel buying property in the area is a long-term investment, with many renting these units out once they have decided to move out. These buyers want to avoid the maintenance associated with larger homes with rolling lawns and pools.”
Bachelor apartments range from R700 000 – R900 000. A two-bedroom, two-bathroom apartment sells for between R1million and R1.5 million. Three bedroom apartments start at around R1.2 million and can go up to around R1.8 million. Cluster homes in secure complexes in estates start at approximately R1.2 million. Freestanding homes are available from R 1.6 million onwards.
Sandra says the rental market in the Fourways area remains buoyant, however oversaturated at times. “If you have not maintained your investment and done regular upgrades and renovations, you’re at risk of your unit standing empty.”
Fourways is ideally situated between Johannesburg and Pretoria, offering commuters convenient access to major transport routes and arterials. The area is also home to excellent private and public schools including Fourways High School, Crawford Fourways, Bryandale Primary School, Chartwell Country College and Cedarwood School. Life Fourways Hospital is highly regarded and the area is well placed within close proximity to other top institutions such as Sandton Clinic and Sunninghill Hospital.
She adds that in addition to the facilities offered by Monte Casino and the Design Quarter, the expansion of Fourways Mall will offer residents world-class and easily accessible shopping, entertainment and lifestyle options.
Watch our Fourways video below to get a sense of what it's like to live in this area.