Gauteng is now also the hub of the country’s financial, business and industrial sectors. What does this mean for property?
The name Gauteng is derived from the Afrikaans word “goud” (gold) plus the Sotho-Tswana locative suffix "-ng". This referred to the growing gold industry in the province following the 1886 discovery of gold in Johannesburg. In Sesotho the name was used for Johannesburg and surroundings long before it was adopted in 1994 as the official name of a province. Gauteng is essentially the powerhouse of South Africa, producing 33% of the GDP. Approximately 9,5m people reside in the province and the main languages are English, Afrikaans, Zulu and Sesotho. Over 40% of the world’s gold reserves are located along the Witwatersrand within the province and millions have flocked to the streets of Johannesburg – the ‘City of Gold’ - since the precious metal was discovered here in 1886.
While still a key element of the province’s income, gold is however no longer the fulcrum on which the local economy is hinged. Gauteng has long since diversified and is now also the hub of the country’s financial, business and industrial sectors.
From Pretoria, along the Gautrain route to Johannesburg the province amazes with infrastructure and diversity, from some of the world class shopping centres, international sporting venues, world renowned casinos, unsurpassed concert facilities that houses top international acts and even breathtaking nature reserves. Johannesburg is the province’s main city and the core of a metro that also includes Sandton, Randburg, Roodepoort, Midrand and Soweto. To the north lies the second city, Pretoria, which is the country’s capital and the heart of the Tshwane metro, which also includes Centurion, Akasia, Mamelodi and Soshanguve. Then to the east lies the Ekhuruleni metro, which is centred on Germiston and also includes the East Rand towns of Boksburg, Benoni and Springs.
Seeing that the two main cities, Pretoria and Johannesburg are set to become a polycentric urban region this will make it one of the biggest cities in the world. Despite this, though, Gauteng is a “garden province” that takes pride in its many mature trees and its well-preserved park and wetland areas.
Naturally, there is a vast range of property types and prices in Gauteng, with Johannesburg and Pretoria housing some of the country’s most expensive homes in suburbs such as Sandhurst, Hyde Park and Waterkloof.
“These main attracting cities have caught the interest of home buyers and investors wishing to grow their portfolio interests in both these historical cities. Both offer the diversity of settling down or growing your investment in to the ever expanding and upgrading suburbs” said Craig Hutchinson, CEO of Engel & Völkers Southern Africa.
Pretoria in South Africa is popularly known as the Jacaranda City due to the thousands of Jacaranda trees planted in its streets, parks and gardens.
Pretoria has over the years had very diverse cultural influences and this is reflected in the architectural styles that can be found in the city. It ranges from 19th century Dutch, German and British Colonial Architecture to modern, postmodern, neo-modern, and art deco architecture styles with a good mix of a uniquely South African style.
Property trends in Pretoria have shown positive growth in increasing value and stock on the market. From residential homes only experiencing a small dip back in 2012, it is now on the rise again. Apartment sales in all areas of Pretoria have never been better and hasn’t experienced a fall in turnover since 2004.
Average asking price in Pretoria for homes are between the value of 1.2 million – R2.8 million. This is of course area of purchase and property specs sensitive.
About 45 min drive and 60 km away, Johannesburg is the largest city in South Africa, and one of the 50 largest urban agglomerations in the world as well as the world's largest city not situated on a river, lake, or coastline.
Property trends in Johannesburg have shown positive growth in value and there is a shortage of stock currently in the market. Residential homes have experienced a constant rise with apartments outperforming the residential properties in value growth.
Average asking price in Johannesburg, for homes are between the value of R1.5 million to R3 million. This is of course area of purchase and property specs sensitive.
Gauteng is sure to be a destination of choice offering the best of both cosmopolitan lifestyle and suburban bliss. No matter what your price range, whether you are looking for a flat or a house, you will be sure to find a property to suit your needs and call home.