Why young professionals are flocking to Killarney

Private Property South Africa
Press

The historic suburb of Killarney has emerged as one of Johannesburg’s most sought-after destinations for younger buyers.

Area specialist Jonathan Weinberg says Killarney’s central location and proximity to the Rosebank and Sandton CBDs, downtown Johannesburg, Houghton, major transport routes, leading hospitals and top schools and universities, has made it a highly desirable area for professionals and young starters seeking space, easy access and proximity to all amenities.

“It is rare to find the sense of space, beautiful finishes and old-world charm offered by Killarney’s beautiful apartment buildings. Once regarded as an ‘older area’, Killarney’s demographic has changed dramatically in recent years and has become highly desirable among young executives, early nesters, couples starting out and first-time buyers.”

Jonathan says with the recent spate of development in the Rosebank CBD, and the relocation of several corporates and multinationals to the area including Coca-Cola, Sappi and Standard Bank, there has been a substantial corporate influx into the neighbouring areas of Killarney, Riviera and Saxonwold.

He adds that because Rosebank is such a sparsely populated residential area, Killarney is the next most logical choice for professionals seeking a lock-up-and-go city lifestyle. “Buyers are growing increasingly attracted to Killarney’s unrivalled location, big apartments and good security. A growing trend is younger buyers modernizing the older units, which is ultimately driving up the price of the area.”

Jonathan says buyer activity in the area has increased significantly since the start of this year due to the shift in political and economic sentiment.

“We’re definitely seeing a positive shift in the market. While it isn’t an overnight process, the signs of a move in a more robust direction are certainly there.”

He says Killarney property is renowned for holding its value and from a long-term investment perspective, is a strong place for investors to increase their portfolio.

“Killarney was one of the few suburbs that remained in double digits of annual growth during the recession. The Rosebank, Illovo precinct will eventually be built-up towards Saxonwold and Killarney, which will see property value in these areas increasing substantially.”

He says as the demographic in Killarney becomes younger, it will become a hub for professionals and graduates in the next few years. “Recent research by Jones Lang LaSalle has found that the number of young adults aged 18 to 25 will increase to almost 100 million by 2020. This is a statistic investors will want to keep an eye on. If you have any foresight and vision and want to make money down the line, the opportunity in Killarney is huge. Buying for today’s prices and selling for tomorrow’s.”

Jonathan left the legal profession to join Adrienne Hersch Properties in 2016. He specializes in Killarney and Riviera and is a key member of the Adrienne Hersch Properties Developments Team.

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