Top end buyers in the luxury housing segment of the market are finding huge value in Bedfordview in Johannesburg, where Pam Golding Properties recently sold an upmarket residential property comprising a five bedroom five bathroom house plus a one bedroom, one bathroom cottage and staff quarters set on an erf of 1766sqm for a record price for the area of R30 million.
“This is the highest price achieved for a residential property in Bedfordview, exceeding the suburb’s previous top price of R28.5 million set in 2016,” says Nelson Ferreira, Pam Golding Properties area principal. “Most of the area’s highest priced sales are usually large stands over 10 000sqm in size and used as developments, so it’s not common for one standalone residence to change hands in this upper price band.
“On the East Rand this arguably ranks among the most expensive homes sold. In terms of quality this spectacular home is comparable to houses which would set you back some R40 million to R55 million if situated in a very high-end suburb such as Houghton or Bryanston.”
Ferreira says buyers seeking homes in the area are mainly established entrepreneurs between the ages of 40 and 55. “Homes in Bedfordview definitely offer more value for money. People aspire to live in this address as it’s not only an upmarket residential destination, it is in close proximity to highways, to Sandton – with its large business hub, and OR Tambo International Airport.
“Surrounded by some of the best private schools such as St Benedicts, St Andrews and King Davids, this is home to Eastgate and Bedford shopping centres and top class restaurants, making it a place where people go to shop, socialise and conduct business.
“After a slowdown in August 2015, the top end of the market is ticking over nicely right now. Buyer enquiries are up and show days are well attended. Homes cover a broad price range mainly from R4 million and ranging up to approximately R25 million. Among recent sales concluded is a home which fetched R15.5 million and we are currently negotiating a further transaction in a similar price bracket.”
Ferreira says the movement being experienced in the luxury housing market in Bedfordview and surrounding suburbs is a positive indicator for sales across the price bands. “Our agents are regularly reporting on new buyer enquiries and interactions. During the slowdown sales would be concluded with buyers they had been working with for up to a year. However, new buyer enquiries via the web and through attendance at show days has spurred on property purchasing right now, as they realise they are obtaining great value as opposed to other luxury suburbs in Johannesburg.
“Sales are also dependent on how serious the seller is as buyers are driving for good deals and thoroughly researching the market before making an offer. Top of their checklist for high end homes is state of the art security, yard and garage space – for more than three cars, top of the range finishes and fittings and large entertainment areas.
“Bedfordview is also a sought after location among international and major companies like Heineken, which have plants in nearby commercial nodes and look for top end rentals for their executives. This demand is driven by the centrality of the area and easy access to OR Tambo, coupled with its high appeal.”