The story of Fourways’ evolution from a simple country outpost and four ways stop to a sprawling, densely populated suburb is well known.
Happily, according to Abdul Mustapha of Seeff, the area is now home to a healthy mix of properties ranging from one bedroom studio apartments priced at R550 000 to uber luxurious mansions valued at R6m.
“Fourways is a success story in that it hasn’t become the exclusive domain of the rich and famous,” notes Mustapha. “Rather the area caters to a broad spectrum of buyers ranging from first time, entry level purchasers to wealthy captains of industry seeking their next investment property.”
The area has also borne witness to massive retail and commercial development over the years. Monte Casino, Fourways Mall, Fourways Crossing, Broadacres shopping centre, Cedar Square and Fourways Life hospital are all relatively new additions to the area.
According to the latest lightstone report on the area just over 60% of Fourways’ property market consists of freehold properties; sectional title properties account for 32% and the remaining 7% are estate properties.
Sectional title properties are currently selling for R990 000, down slightly from last year’s average price of R1, 086 and freehold properties are selling for R1,7m, up from 2010’s R1,6m average.
One estate which has met with particular success is Fourways Gardens. Established in 1984, Fourways Gardens plays host to almost 1000 properties. The estate offers top notch security and quaint, family orientated facilities such as parks, dams, jungle gyms, tennis courts and a clubhouse.
Further bolstering the estate’s appeal says Mustapha is the fact that many of the homes are freehold, therefore, residents have room to ‘breathe’ and can add on or renovate quite freely.
Levies have also been kept low at a rate of approximately R550 which is highly competitive for an estate of Fourway’s Gardens’ calibre. On average, properties at this estate sell for no less than R3m.
In terms of current activity, Mustapha says the most movement is occurring in the mid-range price bracket. Unsurprisingly, movement at the top end of the market has tapered off to a large extent with many finding the luxurious R5m and R6m properties of Fernbrook and Broadacres a little too rich for their blood.
Interestingly development has continued in most sectors in Fourways despite the economic upheaval of recent times. Residential growth is currently manifesting in the form of various new projects such as Woodland Gardens.
Situated on the corner of Bellairs Drive, this development features two bedroom, two bathroom units priced at R584 000 and should hold great appeal for buy-to-let investors.
Unsurprisingly, Fourways’ rental market is currently robust. Leases range from R4, 500 for one bedroom apartments to R30 000 for freehold houses on large plots.
Overall, while values have generally increased fairly steadily over the years as lightstone reports will show, sales have dwindled somewhat which, says Mustapha is generally in line with current property market trends.
On the plus side, Mustapha says Fourways has a lot going for it and the fact that it has so much to offer will inevitably serve to help it bounce back come the inevitable property market upswing.