The upmarket suburb of Lambton in Germiston is flourishing and looks set to boom when property market conditions improve. So say local property market experts who service the area.
Situated on the outskirts of Germiston, Lambton has long been viewed as one of Germiston’s more upmarket suburbs thanks largely to the well-maintained, generously proportioned freehold homes which characterise the area. These popular properties typically occupy stands measuring 3000sqm’s and feature three to four bedrooms, three bathrooms, pools and multi-car garages. Unsurprisingly, these properties are highly sought after by families seeking spacious surrounds.
According to the latest Lightstone report on the area, Lambton’s freehold properties, account for approximately 68 percent of the local property market and were selling for over R900 000 in 2011 on average. The average price has dropped according to 2012 estimates but this is apparently because the latest transfers have yet to reflect. Indeed, some of Lambton’s really exclusive freehold properties sell for as much as R1, 8 million.
The remaining 32 percent of Lambton’s property market comprises appealing Sectional Title properties which are selling at between R350 000 and R560 000. Buy-to-let investors are reportedly now snapping up these properties with alacrity.
What is more is that residential development has continued relatively unabated in Lambton over the past three years. In particular, cluster developments have taken off and are reportedly “selling like hotcakes”. To put things into perspective, clusters at ‘Lambton Ridge’ are currently selling for just over R1 million.
‘Pro’s’ working in Lambton’s favour are its central locality and the fact that the area features a golf club and a number of good schools including the Ladybird Pre-Primary School, Delville Primary, Colin Mann Primary, Saint Catherine’s Dominican Convent and Germiston High. Quality shopping centres and motor dealerships have taken up residence and a number of churches, including a 100 year old Presbyterian church also lie within close reach.
The nearby Rand Airport and Germiston Lake are arguably the area’s biggest draw cards though. The airport features a flying school, a popular restaurant and museum complete with a Boeing 747. According to those in the know, a number of pilots have bought property in Lambton so as to be within close reach of their aircraft at the airport which is currently being upgraded.
As for Germiston Lake, locals take full advantage of being within close proximity of an appealing body of water. Many walk their dogs at the lake, have picnics or participate at the local yacht club. A City Lodge has also been established on the lake front to cater to visitors to the area. In closing, all accounts indicate a vibrant property market in Lambton and activity is seemingly picking up still further. Happily it also appears that the suburb has all the right ingredients to position it as a property hot spot within the near future.